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Non-marketable Securities

6 Months Ended

Jun. 30, 2023

Note 4 Non-marketable Securities

The carrying balance of non-marketable securities are summarized as follows as of the dates indicated:


	June 30, 2023		December 31, 2022
Federal Reserve Bank stock	$	24,062	$	18,096
Federal Home Loan Bank stock		17,372		20,294
Equity method investments		22,415		21,659
Convertible preferred stock		25,000		29,000
Total	$	88,849	$	89,049

Non-marketable securities included FRB stock, FHLB stock and other non-marketable securities. During the six months ended June 30, 2023 and 2022, purchases of non-marketable securities totaled $77.1 million and $9.4 million, respectively. Proceeds from non-marketable securities totaled $73.4 million and $0.1 million during the six months ended June 30, 2023 and 2022, respectively.

FRB and FHLB stock

At June 30, 2023 and December 31, 2022, the Company held FRB stock and FHLB stock for regulatory or debt facility purposes. The changes in the Company’s FHLB stock holdings are directly correlated to FHLB line of credit advances and paydowns. These are restricted securities which, lacking a market, are carried at cost. There have been no identified events or changes in circumstances that may have an adverse effect on the FRB and FHLB stock carried at cost.

Other non-marketable securities

Other non-marketable securities consist of equity method investments and convertible preferred stock without a readily determinable fair value. During the three and six months ended June 30, 2023, the Company recorded $4.0 million in impairments on convertible preferred stock in venture capital investments, included in other non-interest income in the Company’s consolidated statements of operations. No impairments were recorded during 2022. During the three and six months ended June 30, 2023, the Company recorded net unrealized losses on equity method investments totaling $0.1 million and $0.4 million, respectively. During the three and six months ended June 30, 2022, the Company recorded net unrealized losses on equity method investments totaling $0.1 million and $0.1 million, respectively. These losses were recorded in other non-interest income in the Company’s consolidated statements of operations.