Other Investment Securities

Other investment securities consist of stock investments in the FHLB, the Federal Reserve Bank ("FRB"), and equity securities. The FHLB and FRB restricted stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Beginning on January 1, 2018, with the adoption of ASU 2016-01, changes in fair value are included in other income on the consolidated condensed statement of income as opposed to in accumulated other comprehensive loss on the consolidated condensed balance sheet. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost").

The carrying amount of other investment securities at March 31, 2018 and December 31, 2017 was as follows:



(In thousands)	March 31, 2018		December 31, 2017
FHLB stock	$	50,086	$	50,086
FRB stock	8,225		8,225
Equity investments carried at fair value	8,924		1,935
Equity investments carried at cost/modified cost ⁽¹⁾	2,589		3,500
Total other investment securities	$	69,824	$	63,746

⁽¹⁾ There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost.

During the three months ended March 31, 2018, an equity investment previously carried at cost, with a carrying amount of $3.5 million, was measured at fair value as a readily determinable market value became available.

During the three months ended March 31, 2018, $3.5 million of unrealized gains were recorded within "unrealized gain on equity securities" on the consolidated condensed statement of income which relates to investment securities held at March 31, 2018.