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Note 4 - Investment Securities | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investment Securities Investment Securities. The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of debt securities available-for-sale as of December 31, 2023 and December 31, 2022:
|  | As of December 31, 2023 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 495,167 |  |  | $ | 153 |  |  | $ | 20 |  |  | $ | 495,300 |
U.S. government agency entities |  |  | 48,282 |  |  |  | 117 |  |  |  | 230 |  |  |  | 48,169 |
Mortgage-backed securities |  |  | 892,942 |  |  |  | 223 |  |  |  | 106,442 |  |  |  | 786,723 |
Collateralized mortgage obligations |  |  | 31,238 |  |  |  | — |  |  |  | 3,194 |  |  |  | 28,044 |
Corporate debt securities |  |  | 258,451 |  |  |  | 22 |  |  |  | 12,139 |  |  |  | 246,334 |
Total |  | $ | 1,726,080 |  |  | $ | 515 |  |  | $ | 122,025 |  |  | $ | 1,604,570 |
|  | As of 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 |
The amortized cost and fair value of securities available-for-sale as of December 31, 2023, by contractual maturities, are set forth in the table 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.
|  | Securities Available-for-Sale |
|  | As of December 31, 2023 |
|  | Amortized Cost |  |  | Fair Value |
|  | (In thousands) |
Due in one year or less |  | $ | 525,406 |  |  | $ | 524,948 |
Due after one year through five years |  |  | 227,132 |  |  |  | 215,834 |
Due after five years through ten years |  |  | 149,042 |  |  |  | 141,044 |
Due after ten years |  |  | 824,500 |  |  |  | 722,744 |
Total |  | $ | 1,726,080 |  |  | $ | 1,604,570 |
There were no sales of investment securities during the years ended December 31, 2023 and 2022. We received proceeds of $21.1 million from sales of investment securities for the year ended December 31, 2021. Gross realized gain on sale of investment securities was $853 thousand for the year ended December 31, 2021. Allowance for Credit Losses The securities that were in an unrealized loss position as of December 31, 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. 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 December 31, 2023 and 2022, against these securities, and there was no provision for credit losses recognized for the years ended December 31, 2023, 2022 and 2021. The tables below show the related fair value and the gross unrealized losses of the Company’s investment portfolio, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023, and December 31, 2022:
|  | As of December 31, 2023 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (In thousands) |
Securities Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 49,831 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,831 |  |  | $ | 20 |
U.S. government agency entities |  |  | 18,301 |  |  |  | 108 |  |  |  | 1,313 |  |  |  | 122 |  |  |  | 19,614 |  |  |  | 230 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 768,274 |  |  |  | 106,442 |  |  |  | 768,274 |  |  |  | 106,442 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | 28,044 |  |  |  | 3,194 |  |  |  | 28,044 |  |  |  | 3,194 |
Corporate debt securities |  |  | 64,448 |  |  |  | 552 |  |  |  | 166,864 |  |  |  | 11,587 |  |  |  | 231,312 |  |  |  | 12,139 |
Total |  | $ | 132,580 |  |  | $ | 680 |  |  | $ | 964,495 |  |  | $ | 121,345 |  |  | $ | 1,097,075 |  |  | $ | 122,025 |
|  | As of December 31, 2022 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |  |  | Gross 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 December 31, 2023 the Company had 192 AFS debt securities in a gross unrealized loss position with no credit impairment, consisting of 154 mortgage-backed securities, 24 corporate debt securities, one U.S. treasury securities, five collateralized mortgage obligations and eight U.S. government agencies. In comparison, as of December 31, 2022, the Company had 159 mortgage-backed securities, 22 corporate debt securities, six U.S. treasury securities, five collateralized mortgage obligations and three U.S. government agencies. Securities available-for-sale having a carrying value of $134.2 million and $145.7 million as of December 31, 2023, and December 31, 2022, respectively, were pledged to secure public deposits, and other borrowings. Equity securities were $40.4 million and $22.2 million as of December 31, 2023 and 2022, respectively. The Company recognized a net unrealized gain of $18.2 million, $291 thousand and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company received proceeds of $553 thousand and realized a loss of $101 thousand on the sale of equity securities for the year ended December 31, 2022.

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