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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 March 31, 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 001-35750 
First Internet Bancorp
(Exact Name of Registrant as Specified in Its Charter)
Indiana 20-3489991
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
   
8701 East 116th Street
Fishers, IN
 46038
(Address of Principal Executive Offices) (Zip Code)
(317) 532-7900
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, without par valueINBKThe Nasdaq Stock Market LLC
6.0% Fixed to Floating Subordinated Notes due 2029INBKZThe Nasdaq Stock Market LLC
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 þ 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ 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 þ
Non-accelerated Filer ¨
Smaller Reporting Company 
Emerging growth 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 þ
 
As of May 3, 2024, the registrant had 8,655,854 shares of common stock issued and outstanding.



Cautionary Note Regarding Forward-Looking Statements
  
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts, but rather statements based on the current expectations of First Internet Bancorp and its consolidated subsidiaries (the “Company,” “we,” “our,” or “us”) regarding our business strategies, intended results and future performance, including without limitation statements concerning the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statements are generally preceded by terms such as “acquire”, “anticipate,” “attempt,” “believe,” “can,” “change,” “continue,” “could,” “decline,” “decrease,” “differentiate,” “diversify,” “driving,” “effort,” “emerging,” “estimate,” “expect,” “grow,” “increase,” “intend,” “likely,” “may,” “objective,” “plan,” “position,” “potential,” “preliminary,” “pursue,” “remain,” “retain,” “should,” “slowest,” “succeed,” “will,” “win,” “would” or other similar expressions. Such statements are subject to certain risks and uncertainties, including without limitation: changes in market rates and prices that may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our balance sheet; changing bank regulatory conditions, policies or programs, whether arising as a result of new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally or First Internet Bank (the “Bank”) in particular; more restrictive regulatory capital requirements; increased costs, including deposit insurance premiums; other general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that may have an adverse effect on the demand for our loans and other products; our credit quality and related levels of nonperforming assets and credit losses, and the value and salability of the real estate that is the collateral for our loans; failures or breaches of or interruptions in the communication and information systems on which we rely to conduct our business that could reduce our revenues, increase our costs or lead to disruptions in our business; our dependence on capital distributions from the Bank; results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our allowance for credit losses or to write-down assets; regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products; our liquidity requirements being adversely affected by changes in our assets and liabilities; the effect of legislative or regulatory developments, including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial services industry; competitive factors among financial services organizations, including product and pricing pressures and our ability to attract, develop and retain qualified banking professionals; the growth and profitability of noninterest or fee income being less than expected; the loss of any key members of senior management; the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board and other regulatory agencies; and the effect of fiscal and governmental policies of the United States federal government. Additional factors that may affect our results include those discussed in this Quarterly Report on Form 10-Q and our most recent Annual Report on Form 10-K under the heading “Risk Factors” and in other reports filed with the SEC. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The factors listed above could affect our financial performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

Except as required by law, we do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

i


PART I

ITEM 1.    FINANCIAL STATEMENTS 

First Internet Bancorp
Condensed Consolidated Balance Sheets
(Amounts in thousands except share data)
 March 31, 2024December 31, 2023
 (Unaudited) 
Assets  
Cash and due from banks$6,638 $8,269 
Interest-bearing deposits474,626 397,629 
Total cash and cash equivalents481,264 405,898 
Securities available-for-sale, at fair value (amortized cost of $522,965 and $513,315 in 2024 and 2023, respectively)
482,431 474,855 
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $0.2 million and $0.3 million in 2024 and 2023, respectively, (fair value of $214,220 and $207,572 in 2024 and 2023, respectively)
235,738 227,153 
Loans held-for-sale22,589 22,052 
Loans3,909,804 3,840,220 
Allowance for credit losses - loans(40,891)(38,774)
Net loans3,868,913 3,801,446 
Accrued interest receivable26,809 26,746 
Federal Home Loan Bank of Indianapolis stock28,350 28,350 
Cash surrender value of bank-owned life insurance41,154 40,882 
Premises and equipment, net73,231 73,463 
Goodwill4,687 4,687 
Servicing asset, at fair value11,760 10,567 
Other real estate owned375 375 
Accrued income and other assets63,366 51,098 
Total assets$5,340,667 $5,167,572 
Liabilities and Shareholders’ Equity  
Liabilities  
Noninterest-bearing deposits$130,760 $123,464 
Interest-bearing deposits4,143,008 3,943,509 
Total deposits4,273,768 4,066,973 
Advances from Federal Home Loan Bank574,936 614,934 
Subordinated debt, net of unamortized debt issuance costs of $2,085 and $2,162 in 2024 and 2023, respectively
104,915 104,838 
Accrued interest payable3,382 3,848 
Accrued expenses and other liabilities16,927 14,184 
Total liabilities4,973,928 4,804,777 
Commitments and Contingencies
Shareholders’ Equity  
Preferred stock, no par value; 4,913,779 shares authorized; issued and outstanding - none
  
Voting common stock, no par value; 45,000,000 shares authorized; 8,655,854 and 8,644,451 shares issued and outstanding in 2024 and 2023, respectively
184,720 184,700 
Nonvoting common stock, no par value; 86,221 shares authorized; issued and outstanding - none
  
Retained earnings212,121 207,470 
Accumulated other comprehensive loss(30,102)(29,375)
Total shareholders’ equity366,739 362,795 
Total liabilities and shareholders’ equity$5,340,667 $5,167,572 

See Notes to Condensed Consolidated Financial Statements
1


First Internet Bancorp
Condensed Consolidated Statements of Operations– Unaudited
(Amounts in thousands except share and per share data)
 Three Months Ended
 March 31, 2024March 31, 2023
Interest Income  
Loans$55,435 $43,843 
Securities – taxable5,694 3,606 
Securities – non-taxable969 798 
Other earning assets6,067 3,786 
Total interest income68,165 52,033 
Interest Expense  
Deposits42,129 27,270 
Other borrowed funds5,302 5,189 
Total interest expense47,431 32,459 
Net Interest Income20,734 19,574 
Provision for credit losses - loans2,582 9,373 
Benefit for credit losses - debt securities held to maturity(62) 
(Benefit) provision for credit losses - off-balance sheet commitments(72)42 
Net Interest Income After Provision for Credit Losses18,286 10,159 
Noninterest Income  
Service charges and fees220 209 
Loan servicing revenue1,323 785 
Loan servicing asset revaluation(434)(55)
Mortgage banking activities 76 
Gain on sale of loans6,536 4,061 
Other702 370 
Total noninterest income8,347 5,446 
Noninterest Expense  
Salaries and employee benefits11,796 11,794 
Marketing, advertising and promotion736 844 
Consulting and professional services853 926 
Data processing564 659 
Loan expenses1,445 1,977 
Premises and equipment2,826 2,777 
Deposit insurance premium1,145 543 
Other1,658 1,434 
Total noninterest expense21,023 20,954 
Income (Loss) Before Income Taxes5,610 (5,349)
Income Tax Provision (Benefit)429 (2,332)
Net Income (Loss)$5,181 $(3,017)
Income (Loss) Per Share of Common Stock  
Basic$0.60 $(0.33)
Diluted$0.59 $(0.33)
Weighted-Average Number of Common Shares Outstanding  
Basic8,679,429 9,024,072 
Diluted8,750,297 9,024,072 
Dividends Declared Per Share$0.06 $0.06 

See Notes to Condensed Consolidated Financial Statements
2


First Internet Bancorp
Condensed Consolidated Statements of Comprehensive Income (Loss)– Unaudited
(Amounts in thousands)
 Three Months Ended March 31,
 20242023
Net income (loss)$5,181 $(3,017)
Other comprehensive (loss) income
Securities available-for-sale
Net unrealized holding (losses) gains recorded within other comprehensive (loss) income before income tax(2,074)5,112 
Income tax (benefit) provision(475)1,170 
Net effect on other comprehensive (loss) income(1,599)3,942 
Securities held-to-maturity
Amortization of net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity234 158 
Income tax provision 57 46 
Net effect on other comprehensive (loss) income177 112 
Cash flow hedges
Net unrealized holding gains (losses) on cash flow hedging derivatives recorded within other comprehensive (loss) income before income tax902 (2,170)
Income tax provision (benefit)207 (499)
Net effect on other comprehensive (loss) income695 (1,671)
Total other comprehensive (loss) income(727)2,383 
Comprehensive income (loss) $4,454 $(634)
 
 See Notes to Condensed Consolidated Financial Statements

3


First Internet Bancorp
Condensed Consolidated Statements of Changes in Shareholders’ Equity - Unaudited
Three Months Ended March 31, 2024 and 2023
(Amounts in thousands except share and per share data)
Voting and
Nonvoting
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Balance, January 1, 2024$184,700 $207,470 $(29,375)$362,795 
Net income— 5,181 — 5,181 
Other comprehensive loss— — (727)(727)
Dividends declared ($0.06 per share)
— (530)— (530)
Recognition of the fair value of share-based compensation443 — — 443 
Repurchased shares of common stock (10,500)
(283)— — (283)
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units2— — 2 
Common stock redeemed for the net settlement of share-based awards(142)— — (142)
Balance, March 31, 2024$184,720 $212,121 $(30,102)$366,739 
Balance, January 1, 2023$192,935 $205,675 $(33,636)$364,974 
Impact of adoption of new accounting standards 1
— (4,491)— (4,491)
Net income— (3,017)— (3,017)
Other comprehensive income— — 2,383 2,383 
Dividends declared ($0.06 per share)
— (544)— (544)
Recognition of the fair value of share-based compensation372 — — 372 
Repurchased shares of common stock (161,691)
(4,002)— — (4,002)
Deferred stock rights and restricted stock units issued in lieu of cash dividends payable on outstanding deferred stock rights and restricted stock units3 — — 3 
Common stock redeemed for the net settlement of share-based awards(106)— — (106)
Balance, March 31, 2023$189,202 $197,623 $(31,253)$355,572 
1 Reflects the impact of adopting Accounting Standards Update (“ASU”) 2016-13.

See Notes to Condensed Consolidated Financial Statements












4


First Internet Bancorp
Condensed Consolidated Statements of Cash Flows – Unaudited
(Amounts in thousands)
 Three Months Ended March 31,
 20242023
Operating Activities  
Net income (loss)$5,181 $(3,017)
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization1,866 1,058 
Increase in cash surrender value of bank-owned life insurance(272)(246)
Provision for credit losses 2,448 9,415 
Share-based compensation expense443 372 
Loans originated for sale(80,454)(91,789)
Proceeds from sale of loans84,826 98,433 
Gain on loans sold(6,536)(4,525)
Decrease in fair value of loans held-for-sale 136 
Gain on derivatives1,224 536 
Loan servicing asset revaluation434 55 
Net change in accrued income and other assets(4,872)(2,444)
Net change in accrued expenses and other liabilities(1,497)(2,086)
Net cash provided by operating activities2,791 5,898 
Investing Activities
Net loan activity, excluding purchases(39,598)(25,111)
Maturities and calls of securities available-for-sale15,891 9,448 
Purchase of securities available-for-sale(22,689)(1,411)
Maturities and calls of securities held-to-maturity6,981 5,129 
Purchase of securities held-to-maturity(15,221)(26,572)
Purchase of premises and equipment(940)(2,704)
Loans purchased(30,451)(90,029)
Other investing activities(7,240)(1,315)
Net cash used in investing activities(93,267)(132,565)
Financing Activities
Net increase in deposits206,795 178,743 
Cash dividends paid(519)(548)
Repurchase of common stock(283)(4,002)
Proceeds from advances from Federal Home Loan Bank110,000 110,000 
Repayment of advances from Federal Home Loan Bank(150,000)(110,000)
Other, net(151)(106)
Net cash provided by financing activities165,842 174,087 
Net Increase in Cash and Cash Equivalents75,366 47,420 
Cash and Cash Equivalents, Beginning of Period405,898 256,552 
Cash and Cash Equivalents, End of Period$481,264 $303,972 
Supplemental Disclosures
Cash paid during the period for interest47,897 32,782 
Cash paid during the period for taxes86 285 
Loans transferred to other real estate owned 106 
Cash dividends declared, paid in subsequent period519 537 
Securities purchased during the period, settled in subsequent period3,327 8,344 


See Notes to Condensed Consolidated Financial Statements
5


First Internet Bancorp
Notes to Condensed Consolidated Financial Statements – Unaudited
(Table amounts in thousands except share and per share data)
  
Note 1:        Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in shareholders’ equity, or cash flows in accordance with GAAP. In our opinion, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results expected for the year ending December 31, 2024 or any other period. The March 31, 2024 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the First Internet Bancorp Annual Report on Form 10-K for the year ended December 31, 2023.
 
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, or assumptions that could have a material effect on the carrying value of certain assets and liabilities. These estimates, judgments, and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided. The determination of the allowance for credit losses, income taxes, valuations and impairments of investment securities and goodwill, as well as fair value measurements of derivatives and loans held-for-sale are highly dependent upon management’s estimates, judgments, and assumptions, and changes in any of these could have a significant impact on the condensed consolidated financial statements.

The condensed consolidated financial statements include the accounts of First Internet Bancorp (the “Company”), its wholly owned subsidiary, First Internet Bank of Indiana (the “Bank”), and the Bank’s three wholly owned subsidiaries, First Internet Public Finance Corp., JKH Realty Services, LLC and SPF15, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.
 
The Company is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management that the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations, and cash flows of the Company.


6


Note 2:        Earnings (Loss) Per Share
 
Earnings (loss) per share of common stock are based on the weighted-average number of basic shares and dilutive shares outstanding during the period.
 
The following is a reconciliation of the weighted-average common shares for the basic and diluted earnings (loss) per share computations for the three months ended March 31, 2024 and 2023. 
(dollars in thousands, except share and per share data)Three Months Ended March 31,
 20242023
Basic earnings (loss) per share  
Net income (loss)$5,181 $(3,017)
Weighted-average common shares8,679,429 9,024,072 
Basic earnings (loss) per common share$0.60 $(0.33)
Diluted earnings per share  
Net income (loss)$5,181 $(3,017)
Weighted-average common shares8,679,429 9,024,072 
Dilutive effect of equity compensation70,868  
     Weighted-average common and incremental shares8,750,297 9,024,072 
Diluted earnings (loss) per common share 1
$0.59 $(0.33)
1 Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. There were no antidilutive shares for the three months ended March 31, 2024. Since the Company was in a loss position for the three months ended March 31, 2023, basic net loss is the same as diluted net loss per share, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.
  
7


Note 3:         Securities
 
The following tables summarize securities AFS and securities HTM as of March 31, 2024 and December 31, 2023.
March 31, 2024
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities available-for-sale    
U.S. Government-sponsored agencies$93,323 $380 $(1,602)$92,101 
Municipal securities69,289 120 (1,994)67,415 
Agency mortgage-backed securities - residential 1
253,181 133 (32,830)220,484 
Agency mortgage-backed securities - commercial39,367 8 (1,294)38,081 
Private label mortgage-backed securities - residential23,307 110 (1,151)22,266 
Asset-backed securities7,417 43 (1)7,459 
Corporate securities37,081 111 (2,567)34,625 
Total available-for-sale$522,965 $905 $(41,439)$482,431 

 March 31, 2024
 Amortized CostGross UnrealizedFair ValueAllowance for Credit LossesNet Carrying Value
(in thousands)GainsLosses
Securities held-to-maturity    
Municipal securities$13,384 $ $(934)$12,450 $(3)$13,381 
Mortgage-backed securities - residential178,800  (16,885)161,915  178,800 
Mortgage-backed securities - commercial5,752  (1,192)4,560  5,752 
Corporate securities38,033  (2,738)35,295 (228)37,805 
Total held-to-maturity$235,969 $ $(21,749)$214,220 $(231)$235,738 

1 Includes $0.3 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of March 31, 2024.

 December 31, 2023
 AmortizedGross UnrealizedFair
(in thousands)CostGainsLossesValue
Securities available-for-sale    
U.S. Government-sponsored agencies$96,404 $402 $(1,629)$95,177 
Municipal securities69,494 356 (1,404)68,446 
Agency mortgage-backed securities - residential 1
237,798 101 (31,250)206,649 
Agency mortgage-backed securities - commercial40,215 9 (1,339)38,885 
Private label mortgage-backed securities - residential21,742 144 (1,107)20,779 
Asset-backed securities
8,071 17 (7)8,081 
Corporate securities39,591 25 (2,778)36,838 
Total available-for-sale$513,315 $1,054 $(39,514)$474,855 

8


 December 31, 2023
 AmortizedGross UnrealizedFairAllowance for Credit LossesNet Carrying Value
(in thousands)CostGainsLossesValue
Securities held-to-maturity    
Municipal securities$13,892 $1 $(853)$13,040 $(3)$13,889 
Agency mortgage-backed securities - residential166,750 4 (14,112)152,642  $166,750 
Agency mortgage-backed securities - commercial5,767  (1,246)4,521  $5,767 
Corporate securities41,037  (3,668)37,369 (290)$40,747 
Total held-to-maturity$227,446 $5 $(19,879)$207,572 $(293)$227,153 
1 Includes $0.4 million of additional premium related to terminated interest rate swaps associated with agency mortgage-backed securities - residential as of December 31, 2023.

Accrued interest receivable on AFS and HTM securities at March 31, 2024 was $2.7 million and $1.1 million, respectively, compared to $2.9 million and $1.2 million, respectively, at December 31, 2023, and is included in accrued interest receivable on the condensed consolidated balance sheet. The Company elected to exclude all accrued interest receivable from securities when estimating credit losses.

At both March 31, 2024 and December 31, 2023, over 95% of mortgage-backed securities (including both AFS and HTM) held by the Company are issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses; therefore, the Company did not record an ACL on these securities.

Additionally, the Company evaluated credit impairment for individual AFS securities that are in an unrealized loss position and determined that the unrealized losses are unrelated to credit quality and are primarily attributable to changes in interest rates and volatility in the financial markets. As the Company does not intend to sell the AFS securities that are in an unrealized loss position, and it is unlikely that it will be required to sell these securities before recovery of their amortized cost basis, the Company did not record an ACL on these securities.

In accordance with the adoption of ASC 326, the Company also evaluated its HTM securities that are in an unrealized loss position and considered issuer bond ratings, historical loss rates for bond ratings and economic forecasts. As a result, the Company recorded in an initial ACL in retained earnings of $0.3 million on January 1, 2023. The Company reevaluated these securities at March 31, 2024 and determined no additional ACL was necessary.

The carrying value of securities at March 31, 2024 is shown below by their contractual maturity date. Actual maturities will differ because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available-for-Sale
(in thousands)Amortized
Cost
Fair
Value
Within one year$301 $300 
One to five years29,713 30,124 
Five to ten years73,206 70,593 
After ten years96,473 93,124 
 199,693 194,141 
Agency mortgage-backed securities - residential253,181 220,484 
Agency mortgage-backed securities - commercial39,367 38,081 
Private label mortgage-backed securities - residential23,307 22,266 
Asset-backed securities7,417 7,459 
Total$522,965 $482,431 

9


 Held-to-Maturity
(in thousands)Amortized
Cost
Fair
Value
Within one year$1,006 $989 
One to five years11,117 10,870 
Five to ten years35,350 32,435 
After ten years3,944 3,451 
51,417 47,745 
Agency mortgage-backed securities - residential178,800 161,915 
Agency mortgage-backed securities - commercial5,752 4,560 
Total$235,969 $214,220 

There were no gross gains or losses resulting from the sale of available-for-sale securities during the three months ended March 31, 2024 and March 31, 2023, respectively.

Certain investments in debt securities are reported in the condensed consolidated financial statements at an amount less than their historical cost. The total fair value of these investments at March 31, 2024 and December 31, 2023 was $587.6 million and $578.9 million, which was approximately 84% and 85%, respectively, of the Company’s AFS and HTM securities portfolios. As of March 31, 2024, the Company’s security portfolio consisted of 530 securities, of which 469 were in an unrealized loss position. As of December 31, 2023, the Company’s security portfolio consisted of 512 securities, of which 434 were in an unrealized loss position. The unrealized losses are related to the categories noted below.

U. S. Government-Sponsored Agencies, Municipal Securities and Corporate Securities

The unrealized losses on the Company’s investments in securities issued by U.S. Government-sponsored agencies, municipal organizations and corporate entities were caused primarily by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be upon maturity.
 
Agency Mortgage-Backed and Private Label Mortgage-Backed Securities
 
The unrealized losses on the Company’s investments in agency mortgage-backed and private label mortgage-backed securities were caused primarily by interest rate changes. The Company expects to recover the amortized cost basis over the terms of the securities. The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be upon maturity.

The following tables show the securities portfolio’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023.
10


 March 31, 2024
 Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities available-for-sale      
U.S. Government-sponsored agencies$41,680 $(174)$22,167 $(1,428)$63,847 $(1,602)
Municipal securities4,438 (217)44,268 (1,777)48,706 (1,994)
Agency mortgage-backed securities- residential11,793 (105)187,884 (32,725)199,677 (32,830)
Agency mortgage-backed securities- commercial3,076 (13)13,384 (1,281)16,460 (1,294)
Private label mortgage-backed securities - residential5,095 (74)11,623 (1,077)16,718 (1,151)
     Asset-backed securities1,523 (1)  1,523 (1)
Corporate securities4,350 (650)22,122 (1,917)26,472 (2,567)
Total$71,955 $(1,234)$301,448 $(40,205)$373,403 $(41,439)




 December 31, 2023
 Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Securities available-for-sale      
U.S. Government-sponsored agencies$41,934 $(161)$24,579 $(1,468)$66,513 $(1,629)
Municipal securities2,399 (103)36,193 (1,301)38,592 (1,404)
Agency mortgage-backed securities - residential
1,089 (5)194,095 (31,245)195,184 (31,250)
Agency mortgage-backed securities - commercial21,561 (50)14,217 (1,289)35,778 (1,339)