v3.26.1
Note 3 - Investment Securities
 6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 2026 and December 31, 2025:

 

  

June 30, 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 July 2026 and June 2027) (held-to-maturity)

 $69,673  $5  $(53) $69,625 

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

  60,005   2   (318)  59,689 

Total held-to-maturity investment securities

 $129,678  $7  $(371) $129,314 

 

  

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 investment securities 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.