v3.26.1
Note 3 - Debt Securities Available for Sale and Held to Maturity (Tables)
3 Months Ended
Mar. 31, 2026
Notes Tables  
Debt Securities, Available-for-sale and Held-to-maturity [Table Text Block]
   

At March 31, 2026

 
           

Gross

   

Gross

         
   

Amortized

   

Unrealized

   

Unrealized

   

Fair

 
   

Cost

   

Gains

   

Losses

   

Value

 
   

(In thousands)

 

Debt securities available for sale:

                               

Agency residential mortgage-backed securities ("MBS")

  $ 187,993     $ 3     $ (10,688 )   $ 177,308  

Agency commercial MBS

    955,794       884       (10,564 )     946,114  

Securities of U.S. Government sponsored entities

    307,683       26       (9,207 )     298,502  

Obligations of states and political subdivisions

    46,118       6       (702 )     45,422  

Corporate securities

    1,957,629       9       (122,116 )     1,835,522  

Collateralized loan obligations

    293,927       351       (291 )     293,987  

Total debt securities available for sale

    3,749,144       1,279       (153,568 )     3,596,855  

Debt securities held to maturity:

                               

Agency residential MBS

    41,271       23       (2,311 )     38,983  

Obligations of states and political subdivisions

    26,120       10       (16 )     26,114  

Corporate securities

    732,168       700       (13,661 )     719,207  

Total debt securities held to maturity

    799,559       733       (15,988 )     784,304  

Total

  $ 4,548,703     $ 2,012     $ (169,556 )   $ 4,381,159  
   

At December 31, 2025

 
           

Gross

   

Gross

         
   

Amortized

   

Unrealized

   

Unrealized

   

Fair

 
   

Cost

   

Gains

   

Losses

   

Value

 
   

(In thousands)

 

Debt securities available for sale:

                               

Agency residential MBS

  $ 194,394     $ 8     $ (10,056 )   $ 184,346  

Agency commercial MBS

    709,371       1,600       (3,411 )     707,560  

Securities of U.S. Government sponsored entities

    309,079       72       (6,739 )     302,412  

Obligations of states and political subdivisions

    46,264       1       (543 )     45,722  

Corporate securities

    1,913,553       -       (109,473 )     1,804,080  

Collateralized loan obligations

    425,465       400       (1,251 )     424,614  

Total debt securities available for sale

    3,598,126       2,081       (131,473 )     3,468,734  

Debt securities held to maturity:

                               

Agency residential MBS

    43,734       26       (2,231 )     41,529  

Obligations of states and political subdivisions

    33,597       10       (36 )     33,571  

Corporate securities

    742,244       3,245       (8,009 )     737,480  

Total debt securities held to maturity

    819,575       3,281       (10,276 )     812,580  

Total

  $ 4,417,701     $ 5,362     $ (141,749 )   $ 4,281,314  
Investments Classified by Contractual Maturity Date [Table Text Block]
   

At March 31, 2026

 
   

Debt Securities Available

   

Debt Securities Held

 
   

for Sale

   

to Maturity

 
   

Amortized

   

Fair

   

Amortized

   

Fair

 
   

Cost

   

Value

   

Cost

   

Value

 
   

(In thousands)

 

Maturity in years:

                               

1 year or less

  $ 204,192     $ 203,356     $ 60,501     $ 60,400  

Over 1 to 5 years

    1,435,262       1,360,107       412,457       410,862  

Over 5 to 10 years

    671,976       615,983       285,330       274,059  

Subtotal

    2,311,430       2,179,446       758,288       745,321  

Collateralized loan obligations

    293,927       293,987       -       -  

Agency residential MBS

    187,993       177,308       41,271       38,983  

Agency commercial MBS

    955,794       946,114       -       -  

Total

  $ 3,749,144     $ 3,596,855     $ 799,559     $ 784,304  
   

At December 31, 2025

 
   

Debt Securities Available

   

Debt Securities Held

 
   

for Sale

   

to Maturity

 
   

Amortized

   

Fair

   

Amortized

   

Fair

 
   

Cost

   

Value

   

Cost

   

Value

 
   

(In thousands)

 

Maturity in years:

                               

1 year or less

  $ 199,254     $ 198,573     $ 33,326     $ 33,302  

Over 1 to 5 years

    1,231,338       1,182,101       425,387       428,326  

Over 5 to 10 years

    838,304       771,540       317,128       309,423  

Subtotal

    2,268,896       2,152,214       775,841       771,051  

Collateralized loan obligations

    425,465       424,614       -       -  

Agency residential MBS

    194,394       184,346       43,734       41,529  

Agency commercial MBS

    709,371       707,560       -       -  

Total

  $ 3,598,126     $ 3,468,734     $ 819,575     $ 812,580  
Schedule of Unrealized Loss on Investments 1 [Table Text Block]
   

Debt Securities Available for Sale

 
   

At March 31, 2026

 
   

No. of

   

Less than 12 months

   

No. of

   

12 months or longer

   

No. of

   

Total

 
   

Investment

           

Unrealized

   

Investment

           

Unrealized

   

Investment

           

Unrealized

 
   

Positions

   

Fair Value

   

Losses

   

Positions

   

Fair Value

   

Losses

   

Positions

   

Fair Value

   

Losses

 
   

($ in thousands)

 

Agency residential MBS

    4     $ 13,297     $ (204 )     104     $ 163,509     $ (10,484 )     108     $ 176,806     $ (10,688 )

Agency commercial MBS

    99       809,211       (10,564 )     -       -       -       99       809,211       (10,564 )

Securities of U.S.
Government sponsored
entities

    1       5,351       (30 )     18       282,938       (9,177 )     19       288,289       (9,207 )
Obligations of states
and political
subdivisions
    2       4,201       (23 )     28       36,135       (679 )     30       40,336       (702 )

Corporate securities

    12       78,980       (777 )     124       1,746,543       (121,339 )     136       1,825,523       (122,116 )

Collateralized loan
obligations

    2       22,924       (76 )     2       10,740       (215 )     4       33,664       (291 )

Total

    120     $ 933,964     $ (11,674 )     276     $ 2,239,865     $ (141,894 )     396     $ 3,173,829     $ (153,568 )
   

Debt Securities Held to Maturity

 
   

At March 31, 2026

 
   

No. of

   

Less than 12 months

   

No. of

   

12 months or longer

   

No. of

   

Total

 
   

Investment

           

Unrecognized

   

Investment

           

Unrecognized

   

Investment

           

Unrecognized

 
   

Positions

   

Fair Value

   

Losses

   

Positions

   

Fair Value

   

Losses

   

Positions

   

Fair Value

   

Losses

 
   

($ in thousands)

 

Agency residential MBS

    -     $ -     $ -       54     $ 38,020     $ (2,311 )     54     $ 38,020     $ (2,311 )
Obligations of states
and political
subdivisions
    1       624       (1 )     10       9,344       (15 )     11       9,968       (16 )

Corporate securities

    24       226,589       (916 )     23       355,425       (12,745 )     47       582,014       (13,661 )

Total

    25     $ 227,213     $ (917 )     87     $ 402,789     $ (15,071 )     112     $ 630,002     $ (15,988 )
   

Debt Securities Available for Sale

 
   

At December 31, 2025

 
   

No. of

   

Less than 12 months

   

No. of

   

12 months or longer

   

No. of

   

Total

 
   

Investment

           

Unrealized

   

Investment

           

Unrealized

   

Investment

           

Unrealized

 
   

Positions

   

Fair Value

   

Losses

   

Positions

   

Fair Value

   

Losses

   

Positions

   

Fair Value

   

Losses

 
   

($ in thousands)

 

Agency residential MBS

    2     $ 10,541     $ (147 )     107     $ 173,186     $ (9,909 )     109     $ 183,727     $ (10,056 )

Agency commercial MBS

    56       438,102       (3,411 )     -       -       -       56       438,102       (3,411 )

Securities of U.S.
Government sponsored
entities

    -       -       -       19       284,747       (6,739 )     19       284,747       (6,739 )
Obligations of states
and political
subdivisions
    2       3,382       (1 )     28       37,520       (542 )     30       40,902       (543 )

Corporate securities

    -       -       -       129       1,804,080       (109,473 )     129       1,804,080       (109,473 )

Collateralized loan
obligations

    2       22,924       (77 )     5       49,693       (1,174 )     7       72,617       (1,251 )

Total

    62     $ 474,949     $ (3,636 )     288     $ 2,349,226     $ (127,837 )     350     $ 2,824,175     $ (131,473 )
   

Debt Securities Held to Maturity

 
   

At December 31, 2025

 
   

No. of

   

Less than 12 months

   

No. of

   

12 months or longer

   

No. of

   

Total

 
   

Investment

           

Unrecognized

   

Investment

           

Unrecognized

   

Investment

           

Unrecognized

 
   

Positions

   

Fair Value

   

Losses

   

Positions

   

Fair Value

   

Losses

   

Positions

   

Fair Value

   

Losses

 
   

($ in thousands)

 

Agency residential MBS

    -     $ -     $ -       59     $ 40,523     $ (2,231 )     59     $ 40,523     $ (2,231 )

Obligations of states
and political
subdivisions

    -       -       -       17       16,087       (36 )     17       16,087       (36 )

Corporate securities

    -       -       -       23       359,421       (8,009 )     23       359,421       (8,009 )

Total

    -     $ -     $ -       99     $ 416,031     $ (10,276 )     99     $ 416,031     $ (10,276 )
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block]
   

For the Three Months Ended March 31,

 
   

2026

   

2025

 
   

(In thousands)

 

Allowance for credit losses:

               

Beginning balance

  $ 1     $ 1  

Provision

    -       -  

Chargeoffs

    -       -  

Recoveries

    -       -  

Total ending balance

  $ 1     $ 1  
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block]
   

Credit Risk Profile by Credit Rating

 
   

At March 31, 2026

 
   

AAA/AA/A

   

BBB+/BBB

   

Not Rated

   

Total

 
   

(In thousands)

 

Agency residential MBS

  $ 40,840     $ -     $ 431     $ 41,271  

Obligations of states and political subdivisions

    26,120       -       -       26,120  

Corporate securities

    578,078       154,090       -       732,168  

Total

  $ 645,038     $ 154,090     $ 431     $ 799,559  
Interest Income from Investments [Table Text Block]
   

For the Three Months

 
   

Ended March 31,

 
   

2026

   

2025

 
   

(In thousands)

 
                 

Taxable

  $ 41,029     $ 41,280  

Tax-exempt from regular federal income tax

    606       839  

Total interest income from investment securities

  $ 41,635     $ 42,119