Subsequent Event

3 Months Ended

Mar. 31, 2023

12.	Subsequent Event

On May 4, 2023, the Company sold two subordinated debt securities held in the AFS securities portfolio for a $4.5 million pre-tax loss. These subordinated securities were issued by two regional financial institutions and had an aggregate amortized cost of $7.0 million and a fair value of $4.8 million as of March 31, 2023. During April, the Company was notified that these two issuers debt ratings were downgraded. In early May, both experienced significant declines in their respective equity market capitalizations and the fair values of the Company’s subordinated debt securities for these two issuers also experienced further declines from March 31, 2023. These factors indicated to the Company a higher level of uncertainty relative to their operational and market risks.