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Note 4 - Securities | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 4 - SECURITIES The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2024 and December 31, 2023 are summarized as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
September 30, 2024 |  | (In Thousands) |
Debt Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities |  | $ | 566,247 |  |  | $ | 1,077 |  |  | $ | - |  |  | $ | 567,324 |
Mortgage-backed securities |  |  | 256,622 |  |  |  | 798 |  |  |  | (19,120 | ) |  |  | 238,300 |
State and municipal securities |  |  | 10,543 |  |  |  | 1 |  |  |  | (826 | ) |  |  | 9,718 |
Corporate debt |  |  | 350,700 |  |  |  | 13 |  |  |  | (27,048 | ) |  |  | 323,665 |
Total |  | $ | 1,184,112 |  |  | $ | 1,889 |  |  | $ | (46,994 | ) |  | $ | 1,139,007 |
Debt Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities |  | $ | 249,349 |  |  | $ | - |  |  | $ | (16,226 | ) |  | $ | 233,123 |
Mortgage-backed securities |  |  | 471,151 |  |  |  | 565 |  |  |  | (39,398 | ) |  |  | 432,318 |
State and municipal securities |  |  | 8,080 |  |  |  | - |  |  |  | (498 | ) |  |  | 7,582 |
Total |  | $ | 728,580 |  |  | $ | 565 |  |  | $ | (56,122 | ) |  | $ | 673,023 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities |  | $ | 340,556 |  |  | $ | 251 |  |  | $ | - |  |  | $ | 340,807 |
Mortgage-backed securities |  |  | 241,458 |  |  |  | 6 |  |  |  | (25,979 | ) |  |  | 215,485 |
State and municipal securities |  |  | 11,400 |  |  |  | 1 |  |  |  | (1,178 | ) |  |  | 10,223 |
Corporate debt |  |  | 375,676 |  |  |  | - |  |  |  | (42,009 | ) |  |  | 333,667 |
Total |  | $ | 969,090 |  |  | $ | 258 |  |  | $ | (69,166 | ) |  | $ | 900,183 |
Debt Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities |  | $ | 508,985 |  |  | $ | - |  |  | $ | (24,718 | ) |  | $ | 484,267 |
Mortgage-backed securities |  |  | 465,615 |  |  |  | 3 |  |  |  | (50,025 | ) |  |  | 415,593 |
State and municipal securities |  |  | 8,063 |  |  |  | - |  |  |  | (732 | ) |  |  | 7,331 |
Total |  | $ | 982,664 |  |  | $ | 3 |  |  | $ | (75,475 | ) |  | $ | 907,191 |
The amortized cost and fair value of debt securities as of September 30, 2024 and December 31, 2023 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories along with the other categories of debt securities.
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In Thousands) |
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | 523,255 |  |  | $ | 523,759 |  |  | $ | 350,400 |  |  | $ | 350,396 |
Due from one to five years |  |  | 118,734 |  |  |  | 116,395 |  |  |  | 70,016 |  |  |  | 67,334 |
Due from five to ten years |  |  | 282,501 |  |  |  | 258,273 |  |  |  | 304,216 |  |  |  | 264,893 |
Due after ten years |  |  | 3,000 |  |  |  | 2,280 |  |  |  | 3,000 |  |  |  | 2,076 |
Mortgage-backed securities |  |  | 256,622 |  |  |  | 238,300 |  |  |  | 241,458 |  |  |  | 215,485 |
|  | $ | 1,184,112 |  |  | $ | 1,139,007 |  |  | $ | 969,090 |  |  | $ | 900,183 |
Debt securities held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | 250 |  |  | $ | 250 |  |  | $ | 260,047 |  |  | $ | 257,835 |
Due from one to five years |  |  | 256,684 |  |  |  | 240,011 |  |  |  | 203,481 |  |  |  | 185,741 |
Due from five to ten years |  |  | 495 |  |  |  | 444 |  |  |  | 53,521 |  |  |  | 48,022 |
Mortgage-backed securities |  |  | 471,151 |  |  |  | 432,318 |  |  |  | 465,615 |  |  |  | 415,593 |
|  | $ | 728,580 |  |  | $ | 673,023 |  |  | $ | 982,664 |  |  | $ | 907,191 |
All mortgage-backed securities are with government-sponsored enterprises such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. Restricted equity securities are comprised entirely of restricted investment in Federal Home Loan Bank stock for membership requirements. The carrying value of investment securities pledged to secure public funds on deposit and for other purposes as required by law as of September 30, 2024 and December 31, 2023 was $1.52 billion and $1.49 billion, respectively. The increase in pledged investment is due to increases in public funds balances deposited with the Bank during 2024. The following table identifies, as of September 30, 2024 and December 31, 2023, the Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months.
|  | Less Than Twelve Months |  |  | Twelve Months or More |  |  | Total |
|  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |
|  | Unrealized |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  | Unrealized |  |  |  |  |
|  | Losses |  |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |  |  | Fair Value |
|  | (In Thousands) |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | - |  |  | $ | 1 |  |  | $ | (19,120 | ) |  | $ | 193,011 |  |  | $ | (19,120 | ) |  | $ | 193,012 |
State and municipal securities |  |  | - |  |  |  | - |  |  |  | (826 | ) |  |  | 9,273 |  |  |  | (826 | ) |  |  | 9,273 |
Corporate debt |  |  | (1,505 | ) |  |  | 20,420 |  |  |  | (25,544 | ) |  |  | 298,260 |  |  |  | (27,048 | ) |  |  | 318,680 |
Total |  | $ | (1,505 | ) |  | $ | 20,421 |  |  | $ | (45,490 | ) |  | $ | 500,544 |  |  | $ | (46,994 | ) |  | $ | 520,965 |
Debt Securities held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities |  | $ | - |  |  | $ | - |  |  | $ | (16,226 | ) |  | $ | 233,124 |  |  | $ | (16,226 | ) |  | $ | 233,123 |
Mortgage-backed securities |  |  | - |  |  |  | 2,061 |  |  |  | (39,398 | ) |  |  | 383,853 |  |  |  | (39,398 | ) |  |  | 385,914 |
State and municipal securities |  |  | - |  |  |  | - |  |  |  | (498 | ) |  |  | 7,332 |  |  |  | (498 | ) |  |  | 7,332 |
Total |  | $ | - |  |  | $ | 2,061 |  |  | $ | (56,122 | ) |  | $ | 624,309 |  |  | $ | (56,122 | ) |  | $ | 626,369 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (6 | ) |  | $ | 704 |  |  | $ | (25,973 | ) |  | $ | 214,393 |  |  | $ | (25,979 | ) |  | $ | 215,097 |
State and municipal securities |  |  | - |  |  |  | - |  |  |  | (1,178 | ) |  |  | 9,777 |  |  |  | (1,178 | ) |  |  | 9,777 |
Corporate debt |  |  | (794 | ) |  |  | 15,141 |  |  |  | (41,214 | ) |  |  | 311,666 |  |  |  | (42,009 | ) |  |  | 326,807 |
Total |  | $ | (801 | ) |  | $ | 15,845 |  |  | $ | (68,365 | ) |  | $ | 535,836 |  |  | $ | (69,166 | ) |  | $ | 551,681 |
Debt Securities held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Securities |  | $ | - |  |  | $ | - |  |  | $ | (24,718 | ) |  | $ | 484,267 |  |  | $ | (24,718 | ) |  | $ | 484,267 |
Mortgage-backed securities |  |  | (1 | ) |  |  | 430 |  |  |  | (50,024 | ) |  |  | 411,585 |  |  |  | (50,025 | ) |  |  | 412,015 |
State and municipal securities |  |  | - |  |  |  | - |  |  |  | (732 | ) |  |  | 7,081 |  |  |  | (732 | ) |  |  | 7,081 |
Total |  | $ | (1 | ) |  | $ | 430 |  |  | $ | (75,474 | ) |  | $ | 902,933 |  |  | $ | (75,475 | ) |  | $ | 903,363 |
At September 30, 2024 and 2023, no allowance for credit losses (“ACL”) has been recognized on available-for-sale debt securities in an unrealized loss position as the Company does not believe any of the debt securities are credit impaired. This is based on the Company’s analysis of the risk characteristics, including credit ratings, and other qualitative factors related to available-for-sale debt securities. The issuers of these debt securities continue to make timely principal and interest payments under the contractual terms of the securities. The Company does not intend to sell these debt securities and it is more likely than not that the Company will not be required to sell the debt securities before recovery of their amortized cost, which may be at maturity. The unrealized losses are due to increases in market interest rates over the yields available at the time the debt securities were purchased. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to U.S. Treasury and residential mortgage-backed securities issued by the U.S. government, or agencies thereof, it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. With regard to securities issued by States and political subdivisions and other held-to-maturity securities, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, and (iv) internal forecasts. Historical loss rates associated with securities having similar grades as those in our portfolio have generally not been significant. Furthermore, as of September 30, 2024 and 2023, there were no past due principal or interest payments associated with these securities. Based upon (i) the issuer’s strong bond ratings and (ii) a zero historical loss rate, no allowance for credit losses has been recorded for held-to-maturity State and Municipal Securities as such amount is not material at September 30, 2024 and 2023. All debt securities in an unrealized loss position as of September 30, 2024 continue to perform as scheduled and the Company does not believe there is a possible credit loss or that an allowance for credit loss on these debt securities is necessary.

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