XML 26 R14.htm IDEA: XBRL DOCUMENT

Note 7 - Investment Securities

6 Months Ended

Jun. 30, 2025

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 ("AFS") as of June 30, 2025, and December 31, 2024

		*June 30, 2025*
						*Gross*				*Gross*
		*Amortized*				*Unrealized*				*Unrealized*
		*Cost*				*Gains*				*Losses*				*Fair Value*
		(In thousands)
Securities AFS
U.S. treasury securities		$	768,375			$	14			$	140			$	768,249
U.S. government agency entities			7,991				54				111				7,934
Mortgage-backed securities			751,160				102				92,831				658,431
Collateralized mortgage obligations			26,023				—				2,096				23,927
Corporate debt securities			193,154				79				3,341				189,892
Total		$	1,746,703			$	249			$	98,519			$	1,648,433

		*December 31, 2024*
						*Gross*				*Gross*
		*Amortized*				*Unrealized*				*Unrealized*
		*Cost*				*Gains*				*Losses*				*Fair Value*
		(In thousands)
Securities AFS
U.S. treasury securities		$	621,212			$	250			$	—			$	621,462
U.S. government agency entities			9,226				50				127				9,149
Mortgage-backed securities			797,145				67				113,196				684,016
Collateralized mortgage obligations			27,747				—				3,191				24,556
Corporate debt securities			213,331				145				5,531				207,945
Total		$	1,668,661			$	512			$	122,045			$	1,547,128

As of June 30, 2025, and December 31, 2024, the amortized cost of AFS securities excluded accrued interest receivables of $4.3 million and $4.6 million, respectively, which are included in accrued interest receivable on the Consolidated Balance Sheets. For the Company’s accounting policy related to AFS 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 2024 Form 10-K.

The amortized cost and fair value of AFS securities as of June 30, 2025, 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.

		*June 30, 2025*
		*Securities AFS*
		*Amortized Cost*				*Fair Value*
		(In thousands)

Due in one year or less		$	838,473			$	837,566
Due after one year through five years			153,104				149,740
Due after five years through ten years			72,971				69,984
Due after ten years			682,155				591,143
Total		$	1,746,703			$	1,648,433

Equity Securities - The Company recognized an unrealized net loss of $1.4 million for the three months ended June 30, 2025, compared to an unrealized net loss of $1.4 million for the three months ended June 30, 2024. The Company recognized an unrealized net loss of $5.6 million for the six months ended June 30, 2025, compared to an unrealized net loss of $10.5 million for the six months ended June 30, 2024. The $4.9 million decrease in unrealized loss was due to a smaller decrease in fair value of equity investments with readily determinable fair values for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. Equity securities were $28.8 million and $34.4 million as of June 30, 2025, and December 31, 2024, 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 June 30, 2025, and December 31, 2024:

		*June 30, 2025*
		*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 AFS
U.S. treasury securities		$	570,370			$	140			$	—			$	—			$	570,370			$	140
U.S. government agency entities			2,332				2				2,845				109				5,177				111
Mortgage-backed securities			28,273				424				628,662				92,407				656,935				92,831
Collateralized mortgage obligations			—				—				23,927				2,096				23,927				2,096
Corporate debt securities			9,980				20				119,833				3,321				129,813				3,341
Total		$	610,955			$	586			$	775,267			$	97,933			$	1,386,222			$	98,519

		*December 31, 2024*
		*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 AFS
U.S. government agency entities		$	4,199			$	8			$	2,108			$	119			$	6,307			$	127
Mortgage-backed securities			29,955				959				653,236				112,237				683,191				113,196
Collateralized mortgage obligations			—				—				24,556				3,191				24,556				3,191
Corporate debt securities			24,900				100				127,744				5,431				152,644				5,531
Total		$	59,054			$	1,067			$	807,644			$	120,978			$	866,698			$	122,045

As of June 30, 2025, the Company had a total of 183 AFS securities in a gross unrealized loss position with no credit impairment, consisting primarily of 147 mortgage-backed securities, 14 Corporate debt securities, 11 U.S. treasury securities, eight U.S. government agency securities, and three collateralized mortgage obligations. In comparison, as of December 31, 2024, the Company has a total of 182 AFS securities in a gross unrealized loss position with no credit impairment, consisting primarily of 154 mortgage-backed securities, 16 Corporate debt securities, nine U.S. government agency securities, and three collateralized mortgage obligations.

Allowance for Credit Losses

The AFS securities that were in an unrealized loss position at June 30, 2025, 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 2024 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 securities AFS that have declined below their cost before their anticipated recovery. Accordingly, no allowance for credit losses was recorded as of June 30, 2025, against these securities, and there was no provision for credit losses recognized for the three and six months ended June 30, 2025.

AFS securities having a carrying value of $17.7 million and $17.8 million as of June 30, 2025, and December 31, 2024, respectively, were pledged to secure public deposits and other borrowings.