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Note 7 - Investment Securities | 3 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. Investment Securities The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of securities available-for-sale as of March 31, 2020, and December 31, 2019:
|  | March 31, 2020 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency entities |  | $ | 110,650 |  |  | $ | 151 |  |  | $ | 391 |  |  | $ | 110,410 |
U.S. government sponsored entities |  |  | 175,000 |  |  |  | 45 |  |  |  | — |  |  |  | 175,045 |
Mortgage-backed securities |  |  | 883,097 |  |  |  | 27,570 |  |  |  | 663 |  |  |  | 910,004 |
Collateralized mortgage obligations |  |  | 459 |  |  |  | — |  |  |  | 11 |  |  |  | 448 |
Corporate debt securities |  |  | 161,026 |  |  |  | 10 |  |  |  | 1,770 |  |  |  | 159,266 |
Total |  | $ | 1,330,232 |  |  | $ | 27,776 |  |  | $ | 2,835 |  |  | $ | 1,355,173 |
|  | December 31, 2019 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 74,926 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 74,936 |
U.S. government agency entities |  |  | 90,452 |  |  |  | 663 |  |  |  | 319 |  |  |  | 90,796 |
U.S. government sponsored entities |  |  | 225,000 |  |  |  | — |  |  |  | 557 |  |  |  | 224,443 |
Mortgage-backed securities |  |  | 880,040 |  |  |  | 8,574 |  |  |  | 824 |  |  |  | 887,790 |
Collateralized mortgage obligations |  |  | 569 |  |  |  | — |  |  |  | 17 |  |  |  | 552 |
Corporate debt securities |  |  | 172,743 |  |  |  | 605 |  |  |  | 23 |  |  |  | 173,325 |
Total |  | $ | 1,443,730 |  |  | $ | 9,852 |  |  | $ | 1,740 |  |  | $ | 1,451,842 |
The amortized cost and fair value of securities available-for-sale as of March 31, 2020, by contractual maturities, are set forth in the tables below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties.
|  | March 31, 2020 |
|  | Securities Available-For-Sale |
|  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less |  | $ | 82,224 |  |  | $ | 81,977 |
Due after one year through five years |  |  | 254,226 |  |  |  | 252,788 |
Due after five years through ten years |  |  | 86,506 |  |  |  | 87,304 |
Due after ten years |  |  | 907,276 |  |  |  | 933,104 |
Total |  | $ | 1,330,232 |  |  | $ | 1,355,173 |
Equity Securities - The Company recognized a net loss of $6.1 million for the three months ended March 31, 2020, due to the decrease in fair value of equity investments with readily determinable fair values compared to a net gain of $4.2 million for the three months ended March 31, 2019. Equity securities were $18.8 million and $28.0 million as of March 31, 2020 and December 31, 2019, respectively. The following tables set forth the gross unrealized losses and related fair value of the Company’s investment portfolio, aggregated by investment category and the length of time that individual security has been in a continuous unrealized loss position, as of March 31, 2020 and December 31, 2019:
|  | March 31, 2020 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency entities |  | $ | 57,554 |  |  | $ | 240 |  |  | $ | 3,034 |  |  | $ | 151 |  |  | $ | 60,588 |  |  | $ | 391 |
Mortgage-backed securities |  |  | 693 |  |  |  | 4 |  |  |  | 11,585 |  |  |  | 659 |  |  |  | 12,278 |  |  |  | 663 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | 448 |  |  |  | 11 |  |  |  | 448 |  |  |  | 11 |
Corporate debt securities |  |  | 119,505 |  |  |  | 1,522 |  |  |  | 19,752 |  |  |  | 248 |  |  |  | 139,257 |  |  |  | 1,770 |
Total |  | $ | 177,752 |  |  | $ | 1,766 |  |  | $ | 34,819 |  |  | $ | 1,069 |  |  | $ | 212,571 |  |  | $ | 2,835 |
|  | December 31, 2019 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency entities |  | $ | 48,829 |  |  | $ | 172 |  |  | $ | 3,570 |  |  | $ | 147 |  |  | $ | 52,399 |  |  | $ | 319 |
U.S. government sponsored entities |  |  | — |  |  |  | — |  |  |  | 224,443 |  |  |  | 557 |  |  |  | 224,443 |  |  |  | 557 |
Mortgage-backed securities |  |  | 43,719 |  |  |  | 36 |  |  |  | 120,801 |  |  |  | 788 |  |  |  | 164,520 |  |  |  | 824 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | 552 |  |  |  | 17 |  |  |  | 552 |  |  |  | 17 |
Corporate debt securities |  |  | 51,791 |  |  |  | 23 |  |  |  | — |  |  |  | — |  |  |  | 51,791 |  |  |  | 23 |
Total |  | $ | 144,339 |  |  | $ | 231 |  |  | $ | 349,366 |  |  | $ | 1,509 |  |  | $ | 493,705 |  |  | $ | 1,740 |
To the Company’s knowledge, the unrealized losses were primarily attributed to yield curve movement, together with widened liquidity spreads and credit spreads. The issuers have not, to the Company’s knowledge, established any cause for default on these securities. Management believes the gross unrealized losses detailed in the table above are temporary. The Company expects to recover the amortized cost basis of its securities and has no present intent to sell and will not be required to sell available-for-sale securities that have declined below their cost before their anticipated recovery. Accordingly, no other than temporary impairment write-downs were recorded on the Company’s Condensed Consolidated Statement of Operations and Comprehensive Income in the three months ended March 31, 2020 and 2019. Securities available-for-sale having a carrying value of $21.3 million and $20.1 million as of March 31, 2020 and December 31, 2019, respectively, were pledged to secure public deposits, other borrowings and treasury tax and loan.

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