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Note 8 - Investment Securities | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. 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, 2023, and December 31, 2022
|  | September 30, 2023 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 392,956 |  |  | $ | 41 |  |  | $ | 155 |  |  | $ | 392,842 |
U.S. government agency entities |  |  | 51,018 |  |  |  | 144 |  |  |  | 161 |  |  |  | 51,001 |
U.S. government sponsored entities |  |  | 33,709 |  |  |  | — |  |  |  | 89 |  |  |  | 33,620 |
Mortgage-backed securities |  |  | 916,719 |  |  |  | 42 |  |  |  | 154,958 |  |  |  | 761,803 |
Collateralized mortgage obligations |  |  | 32,015 |  |  |  | — |  |  |  | 4,317 |  |  |  | 27,698 |
Corporate debt securities |  |  | 248,534 |  |  |  | — |  |  |  | 16,662 |  |  |  | 231,872 |
Foreign debt securities |  |  | 10,000 |  |  |  | — |  |  |  | 38 |  |  |  | 9,962 |
Total |  | $ | 1,684,951 |  |  | $ | 227 |  |  | $ | 176,380 |  |  | $ | 1,508,798 |
|  | December 31, 2022 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 241,611 |  |  | $ | — |  |  | $ | 1,111 |  |  | $ | 240,500 |
U.S. government agency entities |  |  | 63,347 |  |  |  | 384 |  |  |  | 121 |  |  |  | 63,610 |
U.S. government sponsored entities |  |  | 30,000 |  |  |  | — |  |  |  | — |  |  |  | 30,000 |
Mortgage-backed securities |  |  | 993,883 |  |  |  | 194 |  |  |  | 126,983 |  |  |  | 867,094 |
Collateralized mortgage obligations |  |  | 34,552 |  |  |  | — |  |  |  | 3,491 |  |  |  | 31,061 |
Corporate debt securities |  |  | 258,780 |  |  |  | 112 |  |  |  | 17,809 |  |  |  | 241,083 |
Total |  | $ | 1,622,173 |  |  | $ | 690 |  |  | $ | 149,515 |  |  | $ | 1,473,348 |
As of September 30, 2023, the amortized cost of AFS debt securities excluded accrued interest receivables of $5.5 million, which are included in “accrued interest receivable” on the Consolidated Balance Sheets. For the Company’s accounting policy related to AFS debt securities’ accrued interest receivable, see Note 1 - Summary of Significant Accounting Policies – Securities Available for Sale – Allowance for Credit Losses on Available for Sale Securities to the Consolidated Financial Statements in the Company’s 2022 Form 10-K. The amortized cost and fair value of securities available-for-sale as of September 30, 2023, 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, 2023 |
|  | Securities Available-For-Sale |
|  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less |  | $ | 442,957 |  |  | $ | 442,208 |
Due after one year through five years |  |  | 241,407 |  |  |  | 225,644 |
Due after five years through ten years |  |  | 154,327 |  |  |  | 142,157 |
Due after ten years |  |  | 846,260 |  |  |  | 698,789 |
Total |  | $ | 1,684,951 |  |  | $ | 1,508,798 |
Equity Securities - The Company recognized an unrealized net loss of $6.2 million for the three months ended September 30, 2023, due to a decrease in fair value of equity investments with readily determinable fair values compared to a net loss of $3.7 million for the three months ended September 30, 2022. The Company recognized a net gain of $9.3 million for the nine months ended September 30, 2023 due to the increase in fair value of equity investments with readily determinable fair values compared to a net gain of $1.3 million for the nine months ended September 30, 2022. Equity securities were $31.5 million and $22.2 million as of September 30, 2023, and December 31, 2022, 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, 2023, and December 31, 2022:
|  | September 30, 2023 |
|  | 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 |  | $ | 49,153 |  |  | $ | 126 |  |  | $ | 49,804 |  |  | $ | 29 |  |  | $ | 98,957 |  |  | $ | 155 |
U.S. government agency entities |  |  | 17,698 |  |  |  | 39 |  |  |  | 1,487 |  |  |  | 122 |  |  |  | 19,185 |  |  |  | 161 |
U.S. government sponsored entities |  |  | 33,621 |  |  |  | 89 |  |  |  | — |  |  |  | — |  |  |  | 33,621 |  |  |  | 89 |
Mortgage-backed securities |  |  | 17,695 |  |  |  | 642 |  |  |  | 743,568 |  |  |  | 154,316 |  |  |  | 761,263 |  |  |  | 154,958 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | 27,698 |  |  |  | 4,317 |  |  |  | 27,698 |  |  |  | 4,317 |
Corporate debt securities |  |  | 68,285 |  |  |  | 1,715 |  |  |  | 163,586 |  |  |  | 14,947 |  |  |  | 231,871 |  |  |  | 16,662 |
Foreign debt securities |  |  | 9,962 |  |  |  | 38 |  |  |  | — |  |  |  | — |  |  |  | 9,962 |  |  |  | 38 |
Total |  | $ | 196,414 |  |  | $ | 2,649 |  |  | $ | 986,143 |  |  | $ | 173,731 |  |  | $ | 1,182,557 |  |  | $ | 176,380 |
|  | December 31, 2022 |
|  | 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 |  | $ | 240,500 |  |  | $ | 1,111 |  |  | $ | — |  |  | $ | — |  |  | $ | 240,500 |  |  | $ | 1,111 |
U.S. government agency entities |  |  | — |  |  |  | — |  |  |  | 1,806 |  |  |  | 121 |  |  |  | 1,806 |  |  |  | 121 |
Mortgage-backed securities |  |  | 394,123 |  |  |  | 33,042 |  |  |  | 452,739 |  |  |  | 93,941 |  |  |  | 846,862 |  |  |  | 126,983 |
Collateralized mortgage obligations |  |  | 24,427 |  |  |  | 1,614 |  |  |  | 6,634 |  |  |  | 1,877 |  |  |  | 31,061 |  |  |  | 3,491 |
Corporate debt securities |  |  | 109,995 |  |  |  | 3,256 |  |  |  | 100,977 |  |  |  | 14,553 |  |  |  | 210,972 |  |  |  | 17,809 |
Total |  | $ | 769,045 |  |  | $ | 39,023 |  |  | $ | 562,156 |  |  | $ | 110,492 |  |  | $ | 1,331,201 |  |  | $ | 149,515 |
As of September 30, 2023, the Company had a total of 202 AFS debt securities in a gross unrealized loss position with no credit impairment, consisting primarily of 161 mortgage-backed securities, and 24 Corporate debt securities. In comparison, as of December 31, 2022, the Company has a total of 195 AFS debt securities in a gross unrealized loss position with no credit impairment, consisting primarily of 159 mortgage-backed securities, 22 Corporate debt securities, six U.S. treasury securities, five collateralized mortgage obligations and three U.S. government agency securities. In March 2023, the Company recorded a $3.0 million write-off of its holdings of debt securities from the failed Signature Bank. Allowance for Credit Losses The securities that were in an unrealized loss position at September 30, 2023, 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 1 - Summary of Significant Accounting Policies - Allowance for Credit Losses on Available for Sale Securities to the Consolidated Financial Statements in the Company’s 2022 Form 10-K. 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, 2023, against these securities, and there was no provision for credit losses recognized for the three and nine months ended September 30, 2023. Securities available-for-sale having a carrying value of $132.2 million and $145.7 million as of September 30, 2023, and December 31, 2022, respectively, were pledged to secure public deposits and other borrowings.

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