Note 4 - Investment Securities

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Investment in Debt and Equity Securities and Other Trading Assets [Text Block]

4. 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, 2026, and December 31, 2025

		*June 30, 2026*
						*Gross*				*Gross*
		*Amortized*				*Unrealized*				*Unrealized*
		*Cost*				*Gains*				*Losses*				*Fair Value*
		($ In thousands)
Securities AFS
U.S. treasury securities		$	936,776			$	—			$	312			$	936,464
U.S. government agency entities			1,102				50				107				1,045
Mortgage-backed securities			723,516				282				52,945				670,853
Collateralized mortgage obligations			5,818				—				1,194				4,624
Corporate debt securities			70,000				50				216				69,834
Total		$	1,737,212			$	382			$	54,774			$	1,682,820

		*December 31, 2025*
						*Gross*				*Gross*
		*Amortized*				*Unrealized*				*Unrealized*
		*Cost*				*Gains*				*Losses*				*Fair Value*
		($ In thousands)
Securities AFS
U.S. treasury securities		$	827,763			$	430			$	—			$	828,193
U.S. government agency entities			5,888				52				118				5,822
U.S. government sponsored entities			25,000				11				—				25,011
Mortgage-backed securities			704,213				548				75,324				629,437
Collateralized mortgage obligations			24,454				—				1,706				22,748
Corporate debt securities			148,133				101				1,222				147,012
Total		$	1,735,451			$	1,142			$	78,370			$	1,658,223

AFS securities having a carrying value of $19.4 million and $22.8 million as of June 30, 2026, and December 31, 2025, respectively, were pledged to secure public deposits and other borrowings.

As of June 30, 2026, and December 31, 2025, the amortized cost of AFS securities excluded accrued interest receivables of $2.3 million and $3.0 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 2025 Form 10-K.

The amortized cost and fair value of AFS securities as of June 30, 2026, 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, 2026*
		*Securities AFS*
		*Amortized Cost*				*Fair Value*
		($ In thousands)

Due in one year or less		$	991,877			$	991,260
Due after one year through five years			15,336				15,382
Due after five years through ten years			1,649				1,428
Due after ten years			728,350				674,750
Total		$	1,737,212			$	1,682,820

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, 2026, and December 31, 2025:

		*June 30, 2026*
		*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		$	936,464			$	312			$	—			$	—			$	936,464			$	312
U.S. government agency entities			—				—				979				107				979				107
Mortgage-backed securities			342,113				1,623				295,958				51,322				638,071				52,945
Collateralized mortgage obligations			—				—				4,624				1,194				4,624				1,194
Corporate debt securities			—				—				54,784				216				54,784				216
Total		$	1,278,577			$	1,935			$	356,345			$	52,839			$	1,634,922			$	54,774

		*December 31, 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. government agency entities		$	834			$	1			$	3,585			$	117			$	4,419			$	118
Mortgage-backed securities			207				—				600,658				75,324				600,865				75,324
Collateralized mortgage obligations			—				—				22,747				1,706				22,747				1,706
Corporate debt securities			—				—				76,912				1,222				76,912				1,222
Total		$	1,041			$	1			$	703,902			$	78,369			$	704,943			$	78,370

As of June 30, 2026, the Company had a total of 101 AFS securities in a gross unrealized loss position with no credit impairment, consisting primarily of 71 mortgage-backed securities, 19 U.S. treasury securities, five corporate debt securities, five U.S. government agency securities, and one collateralized mortgage obligations. In comparison, as of December 31, 2025, the Company has a total of 159 AFS securities in a gross unrealized loss position with no credit impairment, consisting primarily of 138 mortgage-backed securities, ten U.S. government agency securities, eight corporate debt securities, and three collateralized mortgage obligations.

The AFS securities that were in an unrealized loss position at June 30, 2026, 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 2025 Form 10-K.

During the quarter ended June 30, 2026, the Company sold $160.2 million and recognized a loss of $10.6 million on certain available-for-sale investment securities in connection with the Company’s decision to sell lower yielding securities. For the six months ended June 30, 2026, the Company sold $370.6 million of lower-yielding securities and reinvested $341.8 million into higher-yielding securities resulting in a realized loss of $26.2 million.

The unrealized losses on the remaining AFS securities were primarily attributable to changes in the yield curve and wider liquidity and credit spreads. The issuers have not, to the Company’s knowledge, exhibited any conditions that would indicate a risk of default. Other than the securities sold, the Company expects to recover the amortized cost basis of its AFS securities and has no intent to sell, nor is it more likely than not that it will be required to sell, securities in an unrealized loss position before recovery. Accordingly, no allowance for credit losses was recorded on AFS securities as of June 30, 2026, and no provision for credit losses was recognized for the quarter.