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Non-marketable Securities

6 Months Ended

Jun. 30, 2025

Note 4 Non-marketable Securities

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


	June 30, 2025		December 31, 2024
Federal Reserve Bank stock	$	24,062	$	24,062
Federal Home Loan Bank stock		8,350		3,922
Convertible preferred stock		20,508		20,508
Equity method investments		28,204		27,970
Total	$	81,124	$	76,462

Non-marketable securities included FRB stock, FHLB stock, convertible preferred stock and equity method investments. During the six months ended June 30, 2025, purchases of non-marketable securities totaled $37.0 million, and proceeds from redemptions and sales of non-marketable securities totaled $32.4 million. During the six months ended June 30, 2024, purchases of non-marketable securities totaled $16.9 million, and proceeds from non-marketable securities totaled $30.8 million. Purchases consisted primarily of FHLB stock, and proceeds consisted primarily of redemptions of FHLB stock. Changes in the Company’s FHLB stock holdings were directly correlated to FHLB line of credit advances and paydowns.

FRB and FHLB stock

At June 30, 2025 and December 31, 2024, 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.

Convertible preferred stock

Non-marketable securities include convertible preferred stock without a readily determinable fair value. During the three and six months ended June 30, 2025, there were no purchases of convertible preferred stock. The Company purchased zero and $0.4 million of convertible preferred stock during the three and six months ended June 30, 2024, respectively. During the three and six months ended June 30, 2024, the Company recorded $3.9 million of impairment on convertible preferred stock related to venture capital investments, included in other non-interest income in the Company’s consolidated statements of operations. The Company also sold convertible preferred stock totaling $1.0 million, during the three and six months ended June 30, 2024, which generated realized gains of $0.1 million recorded in other non-interest income in the Company’s consolidated statements of operations.

Equity method investments

Non-marketable securities also include equity method investments totaling $26.8 million and $26.2 million at June 30, 2025 and December 31, 2024, respectively, and equity method investments without a readily determinable fair value totaling $1.4 million and $1.8 million at June 30, 2025 and December 31, 2024, respectively. During the three and six months ended June 30, 2025, the Company recorded net unrealized gains on equity method investments totaling $0.3 million and $15.2 thousand, respectively. During the three and six months ended June 30, 2024, the Company recorded net unrealized gains on equity method investments totaling $0.3 million. These gains and losses were recorded in other non-interest income in the Company’s consolidated statements of operations.

Carrying values of equity method investments without a readily determinable fair value are updated periodically and impairments may be taken to reflect a new basis. The Company recorded no impairment related to equity method investments without a readily determinable fair value for the six months ended June 30, 2025 or the year ended December 31, 2024.