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Non-marketable Securities

3 Months Ended

Mar. 31, 2024

Note 4 Non-marketable Securities

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


	March 31, 2024		December 31, 2023
Federal Reserve Bank stock	$	24,062	$	24,062
Federal Home Loan Bank stock		779		16,828
Convertible preferred stock		24,415		25,000
Equity method investments		24,183		24,587
Total	$	73,439	$	90,477

Non-marketable securities included FRB stock, FHLB stock and other non-marketable securities. During the three months ended March 31, 2024, purchases of non-marketable securities totaled $10.3 million, and proceeds from non-marketable securities totaled $27.1 million. Purchases consisted primarily of FHLB stock, and proceeds consisted of redemptions of FHLB stock. Changes in the Company’s FHLB stock holdings were directly correlated to FHLB line of credit advances and paydowns. During the three months ended March 31, 2023, purchases of non-marketable securities totaled $35.9 million, and proceeds from non-marketable securities totaled $4.7 million.

FRB and FHLB stock

At March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024 and 2023, the Company recorded net unrealized losses on equity method investments totaling $49.7 thousand and net unrealized gains on equity method investments totaling $0.2 million, respectively. These gains and losses were recorded in other non-interest income in the Company’s consolidated statements of operations. No impairments were recorded during the three months ended March 31, 2024 or 2023.