v3.26.1
Note 3 - Investment Securities
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Investment in Debt and Equity Securities and Other Trading Assets [Text Block]

NOTE 3 - INVESTMENT SECURITIES 

 

The Company’s investment securities as of March 31, 2026 and December 31, 2025 primarily consist of government debt securities that are classified as held-to-maturity. Held-to-maturity securities are recorded at amortized cost.

 

The following tables summarize the Company’s held-to-maturity securities at March 31, 2026 and December 31, 2025:

 

  

March 31, 2026

 
  

Amortized

  

Gross

  

Gross

    
  

cost, as

  

unrealized

  

unrealized

  

Estimated

 

(in thousands)

 

adjusted

  

holding gains

  

holding losses

  

fair value

 

Short-term obligations of domestic governmental agencies (maturing between April 2026 and March 2027) (held-to-maturity)

 $72,221  $63  $(11) $72,273 

Long-term obligations of domestic governmental agencies (maturing between April 2027 and March 2028) (held-to-maturity)

  58,405   32   (131)  58,306 

Total held-to-maturity investment securities

 $130,626  $95  $(142) $130,579 

 

  

December 31, 2025

 
  

Amortized

  

Gross

  

Gross

    
  

cost, as

  

unrealized

  

unrealized

  

Estimated

 

(in thousands)

 

adjusted

  

holding gains

  

holding losses

  

fair value

 

Short-term obligations of domestic governmental agencies (maturing between January 2026 and December 2026) (held-to-maturity)

 $62,822  $130  $—  $62,952 

Long-term obligations of domestic governmental agencies (maturing between January 2027 and November 2027) (held-to-maturity)

  57,541   201   —   57,742 

Total held-to-maturity investment securities

 $120,363  $331  $—  $120,694 

 

Included in long-term investments on the condensed consolidated balance sheet, are equity securities held in connection with the Precision License Agreement. See Note 5 – Fair Value Measurements for a description of the Precision License Agreement and for further information on the Company’s equity investments.