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Non-marketable Securities
3 Months Ended
Mar. 31, 2023
Non-marketable Securities  
Non-marketable Securities

Note 4 Non-marketable Securities

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Non-marketable securities totaled $120.7 million and $89.0 million at March 31, 2023 and December 31, 2022, respectively, and included FRB stock, FHLB stock and other non-marketable securities. During the three months ended March 31, 2023 and 2022, purchases of non-marketable securities totaled $35.9 million and $4.0 million, respectively. Proceeds from non-marketable securities totaled $4.7 million and $60 thousand during three months ended March 31, 2023 and 2022, respectively.

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At March 31, 2023, the Company held $45.6 million of FHLB stock and $23.7 million of FRB stock for regulatory or debt facility purposes. At December 31, 2022, the Company held $20.3 million of FHLB stock and $18.1 million of FRB stock. Purchases of FHLB and FRB stock totaled $35.9 million and zero during the three months ended March 31, 2023 and 2022, respectively. 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 investments carried at cost.

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At March 31, 2023, other non-marketable securities totaled $51.4 million and consisted of equity method investments totaling $22.4 million and convertible preferred stock without a readily determinable fair value totaling $29.0 million. At December 31, 2022, other non-marketable securities totaled $50.7 million and consisted of equity method investments totaling $21.7 million and convertible preferred stock without a readily determinable fair value totaling $29.0 million. During the three months ended March 31, 2023 and 2022, purchases of other non-marketable securities totaled zero and $4.0 million, respectively.

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