10-Q 1 flic20240801_10q.htm FORM 10-Q flic20240801_10q.htm
0000740663 FIRST OF LONG ISLAND CORP false --12-31 Q3 2024 0.10 0.10 80,000,000 80,000,000 22,532,080 22,532,080 22,590,942 22,590,942 0 0 6 10 10 1 2 1 0 0 3 1 3 300 300 1.46 false false false false Represents net realized losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net loss on sales of securities.” See “Note 3 – Investment Securities” for the income tax benefit related to these net realized losses, included in the consolidated statements of income in the line item “Income tax expense.” The decrease in fair value of net loans is mainly due to an increase in interest rates. This amount represents the amortized cost basis of the closed loan portfolio used to designate the hedging relationship in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedge period. At September 30, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $448.3 million. The cumulative basis adjustment associated with this hedging relationship was $1.4 million and the amount of the designated hedged item was $1.1 million. Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “Other noninterest income.” Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $3.7 million related to basis adjustments for loans in the closed portfolio under the portfolio layer method at June 30, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See "Note 7 - Derivatives" for more information on the fair value hedge. 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 10-Q

 

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended

September 30, 2024

 

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from

to

 

 

Commission file number 001-32964

 

THE FIRST OF LONG ISLAND CORPORATION

(Exact name of registrant as specified in its charter)

 

New York

11-2672906

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

  

 275 Broadhollow Road, Melville, NY

11747

(Address of principal executive offices)

(Zip Code)

(516) 671-4900

(Registrant's telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

   

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common stock, $0.10 par value per share

FLIC

Nasdaq

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒   No ☐ 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒   No ☐ 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer ☐

Accelerated Filer ☒

Non‑Accelerated Filer ☐ 

Emerging Growth Company ☐

Smaller Reporting Company ☐

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐   No ☒ 

 

As of October 24, 2024, the registrant had 22,543,670 shares of common stock, $0.10 par value per share, outstanding.

 

 
Table of Contents

 

 

TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

  
     

ITEM 1.

Financial Statements (Unaudited)

  
     
 

Consolidated Balance Sheets

1
     
 

Consolidated Statements of Income

2
     
 

Consolidated Statements of Comprehensive Income (Loss)

3
     
 

Consolidated Statements of Changes in Stockholders’ Equity

4
     
 

Consolidated Statements of Cash Flows

6
     
 

Notes to Unaudited Consolidated Financial Statements

7
     

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22
     

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

32
     

ITEM 4.

Controls and Procedures

34
     

PART II.

OTHER INFORMATION

  
     

ITEM 1.

Legal Proceedings

34
     

ITEM 1A.

Risk Factors

35
     

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37
     

ITEM 3.

Defaults Upon Senior Securities

37
     

ITEM 4.

Mine Safety Disclosures

37
     

ITEM 5.

Other Information

37
     

ITEM 6.

Exhibits

37
     
 

Signatures

39

 

 
Table of Contents

 

 

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

  

September 30,

  

December 31,

 

(dollars in thousands)

 

2024

  

2023

 

Assets:

        

Cash and cash equivalents

 $78,568  $60,887 

Investment securities available-for-sale, at fair value

  659,696   695,877 
         

Loans:

        

Commercial and industrial

  146,440   116,163 

Secured by real estate:

        

Commercial mortgages

  1,950,008   1,919,714 

Residential mortgages

  1,103,937   1,166,887 

Home equity lines

  36,962   44,070 

Consumer and other

  1,150   1,230 
   3,238,497   3,248,064 

Allowance for credit losses

  (28,647)  (28,992)
   3,209,850   3,219,072 

Restricted stock, at cost

  28,191   32,659 

Bank premises and equipment, net

  30,180   31,414 

Right-of-use asset - operating leases

  20,359   22,588 

Bank-owned life insurance

  116,192   114,045 

Pension plan assets, net

  10,421   10,740 

Deferred income tax benefit

  27,779   28,996 

Other assets

  20,243   19,622 
  $4,201,479  $4,235,900 

Liabilities:

        

Deposits:

        

Checking

 $1,121,871  $1,133,184 

Savings, NOW and money market

  1,594,317   1,546,369 

Time

  610,876   591,433 
   3,327,064   3,270,986 

Overnight advances

  —   70,000 

Other borrowings

  445,000   472,500 

Operating lease liability

  22,876   24,940 

Accrued expenses and other liabilities

  17,958   17,328 
   3,812,898   3,855,754 

Stockholders' Equity:

        

Common stock, par value $0.10 per share:

        

Authorized, 80,000,000 shares;

        

Issued and outstanding, 22,532,080 and 22,590,942 shares

  2,253   2,259 

Surplus

  79,157   79,728 

Retained earnings

  355,541   355,887 
   436,951   437,874 

Accumulated other comprehensive loss, net of tax

  (48,370)  (57,728)
   388,581   380,146 
  $4,201,479  $4,235,900 

 

See notes to unaudited consolidated financial statements

 

1
Table of Contents

 

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

   

Nine Months Ended

    

Three Months Ended

  
   

September 30,

    

September 30,

  

(in thousands, except per share data)

  

2024

    

2023

    

2024

    

2023

  

Interest and dividend income:

                                

Loans

   $ 102,679     $ 94,706     $ 35,026     $ 32,818  

Investment securities:

                                

Taxable

     20,701       15,877       6,229       6,594  

Nontaxable

     2,872       3,976       955       1,004  
      126,252       114,559       42,210       40,416  

Interest expense:

                                

Savings, NOW and money market deposits

     33,637       22,188       12,117       8,802  

Time deposits

     20,748       13,086       6,712       5,785  

Overnight advances

     392       596       125       50  

Other borrowings

     16,283       11,782       4,656       4,347  
      71,060       47,652       23,610       18,984  

Net interest income

     55,192       66,907       18,600       21,432  

Provision (credit) for credit losses

     740       (1,227 )     170       (171 )

Net interest income after provision (credit) for credit losses

     54,452       68,134       18,430       21,603  
                                 

Noninterest income:

                                

Bank-owned life insurance

     2,573       2,383       876       809  

Service charges on deposit accounts

     2,543       2,243       842       703  

Net loss on sales of securities

     —       (3,489 )     —       —  

Other

     3,732       2,802       1,492       732  
      8,848       3,939       3,210       2,244  

Noninterest expense:

                                

Salaries and employee benefits

     29,169       29,268       9,695       9,649  

Occupancy and equipment

     9,289       9,974       2,965       3,253  

Merger expenses

     866       —       866       —  

Branch consolidation expenses

     547       —       547       —  

Other

     9,635       10,010       3,378       3,262  
      49,506       49,252       17,451       16,164  

Income before income taxes

     13,794       22,821       4,189       7,683  
                                 

Income tax (benefit) expense

     (38 )     2,641       (410 )     883  

Net income

   $ 13,832     $ 20,180     $ 4,599     $ 6,800  
                                 

Weighted average:

                                

Common shares

     22,520,026       22,538,520       22,529,051       22,569,716  

Dilutive restricted stock units

     87,716       69,010       138,272       86,914  

Dilutive weighted average common shares

     22,607,742       22,607,530       22,667,323       22,656,630  
                                 

Earnings per share:

                                

Basic

   $ 0.61     $ 0.90     $ 0.20     $ 0.30  

Diluted

     0.61       0.89       0.20       0.30  
                                 

Cash dividends declared per share

     0.63       0.63       0.21       0.21  

 

See notes to unaudited consolidated financial statements 

 

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) 

 

 

   

Nine Months Ended

    

Three Months Ended

  
   

September 30,

    

September 30,

  

(in thousands)

  

2024

    

2023

    

2024

    

2023

  

Net income

   $ 13,832     $ 20,180     $ 4,599     $ 6,800  

Other comprehensive income (loss):

                                

Change in net unrealized holding gains (losses) on available-for-sale securities

     13,007       (24,139 )     16,938       (18,942 )

Change in funded status of pension plan

     600       763       200       254  

Other comprehensive income (loss) before income taxes

     13,607       (23,376 )     17,138       (18,688 )

Income tax expense (benefit)

     4,249       (7,095 )     5,241       (5,738 )

Other comprehensive income (loss)

     9,358       (16,281 )     11,897       (12,950 )

Comprehensive income (loss)

   $ 23,190     $ 3,899     $ 16,496     $ (6,150 )

 

See notes to unaudited consolidated financial statements 

 

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

 

   

Nine Months Ended September 30, 2024

  
                                   

Accumulated

          
                                   

Other

          
   

Common Stock

            

Retained

    

Comprehensive

          

(dollars in thousands)

  

Shares

    

Amount

    

Surplus

    

Earnings

    

Loss

    

Total

  

Balance, January 1, 2024

     22,590,942     $ 2,259     $ 79,728     $ 355,887     $ (57,728 )   $ 380,146  

Net income

                         4,435             4,435  

Other comprehensive loss

                               (1,192 )     (1,192 )

Repurchase of common stock

     (167,526 )     (17 )     (2,003 )                 (2,020 )

Shares withheld upon the vesting and conversion of RSUs

     (19,530 )     (2 )     (250 )                 (252 )

Common stock issued under stock compensation plans

     46,926       5       9                     14  

Common stock issued under dividend reinvestment and stock purchase plan

     27,116       3       305                   308  

Stock-based compensation

                   401                   401  

Cash dividends declared

                         (4,717 )           (4,717 )

Balance, March 31, 2024

     22,477,928       2,248       78,190       355,605       (58,920 )     377,123  

Net income

                         4,798             4,798  

Other comprehensive loss

                               (1,347 )     (1,347 )

Shares withheld upon the vesting and conversion of RSUs

     (513 )           (5 )                 (5 )

Common stock issued under stock compensation plans

     40,466       4       12                     16  

Stock-based compensation

                   340                   340  

Cash dividends declared

                         (4,729 )           (4,729 )

Balance, June 30, 2024

     22,517,881       2,252       78,537       355,674       (60,267 )     376,196  

Net income

                         4,599             4,599  

Other comprehensive income

                               11,897       11,897  

Common stock issued under stock compensation plans

     1,238             15                     15  

Common stock issued under dividend reinvestment and stock purchase plan

     12,961       1       146                   147  

Stock-based compensation

                   459                   459  

Cash dividends declared

                         (4,732 )           (4,732 )

Balance, September 30, 2024

     22,532,080     $ 2,253     $ 79,157     $ 355,541     $ (48,370 )   $ 388,581  

 

See notes to unaudited consolidated financial statements

 

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

 

   

Nine Months Ended September 30, 2023

  
                                   

Accumulated

          
                                   

Other

          
   

Common Stock

            

Retained

    

Comprehensive

          

(dollars in thousands)

  

Shares

    

Amount

    

Surplus

    

Earnings

    

Loss

    

Total

  

Balance, January 1, 2023

     22,443,380     $ 2,244     $ 78,462     $ 348,597     $ (64,767 )   $ 364,536  

Net income

                         6,481             6,481  

Other comprehensive income

                               3,849       3,849  

Shares withheld upon the vesting and conversion of RSUs

     (47,275 )     (5 )     (846 )                 (851 )

Common stock issued under stock compensation plans

     103,015       11       6                     17  

Common stock issued under dividend reinvestment and stock purchase plan

     32,665       3       500                   503  

Stock-based compensation

                   499                   499  

Cash dividends declared

                         (4,727 )           (4,727 )

Balance, March 31, 2023

     22,531,785       2,253       78,621       350,351       (60,918 )     370,307  

Net income

                         6,899             6,899  

Other comprehensive loss

                               (7,180 )     (7,180 )

Shares withheld upon the vesting and conversion of RSUs

     (623 )           (7 )                 (7 )

Common stock issued under stock compensation plans

     25,834       3       12                     15  

Stock-based compensation

                   638                   638  

Cash dividends declared

                         (4,738 )           (4,738 )

Balance, June 30, 2023

     22,556,996       2,256       79,264       352,512       (68,098 )     365,934  

Net income

                         6,800             6,800  

Other comprehensive loss

                               (12,950 )     (12,950 )

Common stock issued under stock compensation plans

     987             13                     13  

Common stock issued under dividend reinvestment and stock purchase plan

     15,439       1       187                   188  

Stock-based compensation

                   373                   373  

Cash dividends declared

                         (4,740 )           (4,740 )

Balance, September 30, 2023

     22,573,422     $ 2,257     $ 79,837     $ 354,572     $ (81,048 )   $ 355,618  

 

See notes to unaudited consolidated financial statements

 

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 

 

   

Nine Months Ended September 30,

  

(in thousands)

  

2024

    

2023

  

Cash Flows From Operating Activities:

                

Net income

   $ 13,832     $ 20,180  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Provision (credit) for credit losses

     740       (1,227 )

Credit provision for deferred income taxes

     (3,032 )     (445 )

Depreciation and amortization of premises and equipment

     2,357       2,314  

Amortization of right-of-use asset - operating leases

     2,229       1,988  

Premium amortization on investment securities, net

     1,825       1,597  

Net loss on sales of securities

     —       3,489  

Stock-based compensation expense

     1,200       1,510  

Accretion of cash surrender value on bank-owned life insurance

     (2,573 )     (2,383 )

Pension expense

     919       1,118  

Decrease in other liabilities

     (1,422 )     (1,210 )

Other increases in assets

     (1,032 )     (12,545 )

Net cash provided by operating activities

     15,043       14,386  

Cash Flows From Investing Activities:

                

Available-for-sale securities:

                

Proceeds from sales

     —       145,451  

Proceeds from maturities and redemptions

     51,267       41,389  

Purchases

     (3,904 )     (206,155 )

Proceeds from sales of loans held-for-sale

     1,092       —  

Net decrease in loans

     7,476       56,318  

Net decrease in restricted stock

     4,468       921  

Purchases of premises and equipment, net

     (1,286 )     (2,611 )

Proceeds from disposition of premises and facilities held-for-sale

     383       2,291  

Proceeds from death benefit of bank-owned life insurance

     576       —  

Net cash provided by investing activities

     60,072       37,604  

Cash Flows From Financing Activities:

                

Net increase (decrease) in deposits

     56,078       (27,124 )

Net decrease in overnight advances

     (70,000 )     —  

Proceeds from other borrowings

     245,000       125,000  

Repayment of other borrowings

     (272,500 )     (153,500 )

Proceeds from issuance of common stock, net of shares withheld

     198       (167 )

Repurchase of common stock

     (2,020 )     —  

Cash dividends paid

     (14,190 )     (14,178 )

Net cash used in financing activities

     (57,434 )     (69,969 )

Net increase (decrease) in cash and cash equivalents

     17,681       (17,979 )

Cash and cash equivalents, beginning of year

     60,887       74,178  

Cash and cash equivalents, end of period

   $ 78,568     $ 56,199  

Supplemental Cash Flow Disclosures:

                

Cash paid for:

                

Interest

   $ 71,568     $ 44,961  

Income taxes

     3,621       2,820  

Operating cash flows from operating leases

     2,629       2,189  

Noncash investing and financing activities:

                

Right-of-use assets obtained in exchange for operating lease liabilities

     —       1,280  

Cash dividends payable

     4,732       4,740  

Loans transferred from portfolio to held-for-sale

     1,006       —  

 

See notes to unaudited consolidated financial statements

 

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

1 - BASIS OF PRESENTATION 

 

The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States.

 

The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has one wholly owned subsidiary: FNY Service Corp., an investment company. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. The consolidated entity is referred to as the “Corporation” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. For further information refer to the consolidated financial statements and notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023.

 

The consolidated financial information included herein as of and for the periods ended September 30, 2024 and 2023 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 2023 consolidated balance sheet was derived from the Corporation's  December 31, 2023 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation.

 

Use of Estimates. In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosures provided, including disclosure of contingent assets and liabilities, based on available information. Actual results could differ significantly from those estimates. Information available which could affect these judgements includes, but is not limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers.
 

2 - COMPREHENSIVE INCOME

 

Comprehensive income includes net income and other comprehensive income (loss) (“OCI”). OCI includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. OCI for the Corporation consists of unrealized holding gains or losses on available-for-sale (“AFS”) securities and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated OCI is recognized as a separate component of stockholders’ equity.

 

The following table sets forth the components of accumulated OCI, net of tax.

 

      

Current

     
  

Balance

  

Period

  

Balance

 

(in thousands)

 

12/31/2023

  

Change

  

9/30/2024

 

Unrealized holding loss on available-for-sale securities

 $(49,809) $8,942  $(40,867)

Unrealized actuarial loss on pension plan

  (7,919)  416   (7,503)

Accumulated other comprehensive loss, net of tax

 $(57,728) $9,358  $(48,370)

 

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The components of OCI and the related tax effects are as follows:

 

  

Nine Months Ended

  

Three Months Ended

 
  

September 30,

  

September 30,

 

(in thousands)

 

2024

  

2023

  

2024

  

2023

 

Change in net unrealized holding gains or losses on available-for-sale securities:

                

Change arising during the period

 $13,007  $(27,628) $16,938  $(18,942)

Reclassification adjustment for losses included in net income (1)

  —   3,489   —   — 
   13,007   (24,139)  16,938   (18,942)

Tax effect

  4,065   (7,329)  5,180   (5,816)
   8,942   (16,810)  11,758   (13,126)

Change in funded status of pension plan:

                

Amortization of net actuarial loss included in pension expense (2)

  600   763   200   254 

Tax effect

  184   234   61   78 
   416   529   139   176 

Other comprehensive income (loss)

 $9,358  $(16,281) $11,897  $(12,950)

 

(1)

Represents net realized losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net loss on sales of securities.” See “Note 3 – Investment Securities” for the income tax benefit related to these net realized losses, included in the consolidated statements of income in the line item “Income tax (benefit) expense.”

(2)

Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “Other noninterest income.”

  
 

3 - INVESTMENT SECURITIES

 

The following tables set forth the amortized cost and estimated fair values of the Bank’s AFS investment securities at the dates indicated.

 

  

September 30, 2024

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 

(in thousands)

 

Cost

  

Gains

  

Losses

  

Value

 

State and municipals

 $152,095  $172  $(11,869) $140,398 

Pass-through mortgage securities

  159,514   128   (23,509)  136,133 

Collateralized mortgage obligations

  178,947   1,411   (18,240)  162,118 

SBA agency obligations

  109,012   342   (802)  108,552 

Corporate bonds

  119,000   —   (6,505)  112,495 
  $718,568  $2,053  $(60,925) $659,696 

 

  

December 31, 2023

 

State and municipals

 $155,294  $317  $(11,990) $143,621 

Pass-through mortgage securities

  165,734   —   (27,131)  138,603 

Collateralized mortgage obligations

  201,500   1,836   (21,074)  182,262 

SBA agency obligations

  126,228   331   (1,083)  125,476 

Corporate bonds

  119,000   —   (13,085)  105,915 
  $767,756  $2,484  $(74,363) $695,877 

 

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Small Business Administration (“SBA”) agency obligations are floating rate, government guaranteed securities backed by $84.3 million of commercial mortgages and $24.2 million of equipment finance loans at September 30, 2024.

 

At September 30, 2024 and December 31, 2023, investment securities with a carrying value of $280.7 million and $203.9 million, respectively, were pledged as collateral to secure public deposits and borrowed funds.

 

There were no holdings of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at September 30, 2024 and December 31, 2023.

 

There was no allowance for credit losses associated with the investment securities portfolio at September 30, 2024 or December 31, 2023.

 

Securities With Unrealized Losses. The following tables set forth securities with unrealized losses at the dates indicated presented by the length of time the securities have been in a continuous unrealized loss position.

 

  

September 30, 2024

 
  

Less than

  

12 Months

         
  

12 Months

  

or More

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair