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Non-marketable Securities

12 Months Ended

Dec. 31, 2023

Note 5 Non-marketable Securities

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


	December 31, 2023		December 31, 2022
Federal Reserve Bank stock	$	24,062	$	18,096
Federal Home Loan Bank stock		16,828		20,294
Convertible preferred stock		25,000		29,000
Equity method investments		24,587		21,659
Total	$	90,477	$	89,049

Non-marketable securities included FRB stock, FHLB stock and other non-marketable securities. During the years ended December 31, 2023 and 2022, purchases of non-marketable securities consisted primarily of FHLB stock, totaled $106.2 million and proceeds of non-marketable securities consisted of redemptions of FHLB stock, totaled $100.0 million. The changes in the Company’s FHLB stock holdings are directly correlated to FHLB line of credit advances and paydowns. During the year ended December 31, 2022, purchases of non-marketable securities totaled $37.3 million, and proceeds from non-marketable securities totaled $4.2 million.

FRB and FHLB stock

At December 31, 2023 and December 31, 2022, the Company held FRB stock and FHLB stock for regulatory or debt facility purposes. 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 years ended December 31, 2023 and 2022, the Company recorded net unrealized losses on equity method investments totaling $35 thousand and net unrealized gains on equity method investments totaling $1.4 million, respectively. During the year ended December 31, 2023, the Company recorded $4.0 million in impairments on convertible preferred stock related to venture capital investments. No impairments were recorded during 2022. These gains and losses were recorded in other non-interest income in the Company’s consolidated statements of operations.