XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

Note 7 - Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2021
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 September 30, 2021, and December 31, 2020:
|  | September 30, 2021 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 40,206 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 40,211 |
U.S. government agency entities |  |  | 89,823 |  |  |  | 1,255 |  |  |  | 135 |  |  |  | 90,943 |
Mortgage-backed securities |  |  | 798,905 |  |  |  | 12,490 |  |  |  | 6,328 |  |  |  | 805,067 |
Collateralized mortgage obligations |  |  | 9,792 |  |  |  | — |  |  |  | 231 |  |  |  | 9,561 |
Corporate debt securities |  |  | 134,348 |  |  |  | 514 |  |  |  | 1,428 |  |  |  | 133,434 |
Total |  | $ | 1,073,074 |  |  | $ | 14,264 |  |  | $ | 8,122 |  |  | $ | 1,079,216 |
|  | December 31, 2020 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 80,948 |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | 80,948 |
U.S. government agency entities |  |  | 99,944 |  |  |  | 441 |  |  |  | 546 |  |  |  | 99,839 |
Mortgage-backed securities |  |  | 709,709 |  |  |  | 17,965 |  |  |  | 606 |  |  |  | 727,068 |
Collateralized mortgage obligations |  |  | 10,358 |  |  |  | — |  |  |  | 34 |  |  |  | 10,324 |
Corporate debt securities |  |  | 118,271 |  |  |  | 367 |  |  |  | 267 |  |  |  | 118,371 |
Total |  | $ | 1,019,230 |  |  | $ | 18,779 |  |  | $ | 1,459 |  |  | $ | 1,036,550 |
As of September 30, 2021, the amortized cost of AFS debt securities excluded accrued interest receivables of $2.6 million, which are included in “accrued interest receivables” on the Consolidated Balance Sheets. For the Company’s accounting policy related to AFS debt securities’ accrued interest receivable, see Note 2. Basis of Presentation and Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Form 10Q. The amortized cost and fair value of securities available-for-sale as of September 30, 2021, 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.
|  | September 30, 2021 |
|  | Securities Available-For-Sale |
|  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less |  | $ | 45,215 |  |  | $ | 45,234 |
Due after one year through five years |  |  | 117,088 |  |  |  | 115,615 |
Due after five years through ten years |  |  | 149,474 |  |  |  | 153,657 |
Due after ten years |  |  | 761,297 |  |  |  | 764,710 |
Total |  | $ | 1,073,074 |  |  | $ | 1,079,216 |
Equity Securities - The Company recognized a net gain of $3 thousand for the three months ended September 30, 2021, due to the increase in fair value during the quarter of equity investments with readily determinable fair values compared to a net gain of $1.6 million for the three months ended September 30, 2020. The Company recognized a net loss of $3.6 million for the nine months ended September 30, 2021, due to the decrease in fair value, year to date, of equity investments with readily determinable fair values compared to a net loss of $1.9 million for the nine months ended September 30, 2020. Equity securities were $20.1 million and $23.7 million as of September 30, 2021, and December 31, 2020, 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 September 30, 2021, and December 31, 2020:
|  | September 30, 2021 |
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 2,403 |  |  | $ | 135 |  |  | $ | 2,403 |  |  | $ | 135 |
Mortgage-backed securities |  |  | 399,470 |  |  |  | 5,632 |  |  |  | 7,038 |  |  |  | 696 |  |  |  | 406,508 |  |  |  | 6,328 |
Collateralized mortgage obligations |  |  | 9,418 |  |  |  | 219 |  |  |  | 144 |  |  |  | 12 |  |  |  | 9,562 |  |  |  | 231 |
Corporate debt securities |  |  | 91,870 |  |  |  | 1,144 |  |  |  | 19,716 |  |  |  | 284 |  |  |  | 111,586 |  |  |  | 1,428 |
Total |  | $ | 500,758 |  |  | $ | 6,995 |  |  | $ | 29,301 |  |  | $ | 1,127 |  |  | $ | 530,059 |  |  | $ | 8,122 |
|  | December 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. treasury securities |  | $ | 40,952 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,952 |  |  | $ | 6 |
U.S. government agency entities |  |  | 26,390 |  |  |  | 102 |  |  |  | 40,009 |  |  |  | 444 |  |  |  | 66,399 |  |  |  | 546 |
Mortgage-backed securities |  |  | 1,694 |  |  |  | 23 |  |  |  | 8,093 |  |  |  | 583 |  |  |  | 9,787 |  |  |  | 606 |
Collateralized mortgage obligations |  |  | 10,131 |  |  |  | 25 |  |  |  | 193 |  |  |  | 9 |  |  |  | 10,324 |  |  |  | 34 |
Corporate debt securities |  |  | 58,405 |  |  |  | 267 |  |  |  | — |  |  |  | — |  |  |  | 58,405 |  |  |  | 267 |
Total |  | $ | 137,572 |  |  | $ | 423 |  |  | $ | 48,295 |  |  | $ | 1,036 |  |  | $ | 185,867 |  |  | $ | 1,459 |
Allowance for Credit Losses The securities that were in an unrealized loss position at September 30, 2021, were evaluated to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or other factors. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 2 Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Credit Losses on Available for Sale Securities to the Consolidated Financial Statements in this Form 10Q. The Company concluded 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. 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 allowance for credit losses was recorded as of September 30, 2021, against these securities, and there was no provision for credit losses recognized for the nine months ended September 30, 2021. For the nine months ended September 30, 2020, there was no credit loss recognized. Securities available-for-sale having a carrying value of $30.9 million and $22.7 million as of September 30, 2021, and December 31, 2020, respectively, were pledged to secure public deposits, other borrowings, treasury tax and loan.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration