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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  September 30, 2023
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: 000-17820
LAKELAND BANCORP, INC.
(Exact name of registrant as specified in its charter)
New Jersey
22-2953275
(State or other jurisdiction of
 incorporation  or organization) 
 (I.R.S. Employer
Identification No.)
250 Oak Ridge RoadOak RidgeNew Jersey 07438
 (Address of principal executive offices and zip code)
(973) 697-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, no par valueLBAIThe NASDAQ Stock Market

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 (Section 232.405 of this chapter) during the preceding 12 months (or 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   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  

APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of November 1, 2023, there were 65,030,275 outstanding shares of Common Stock, no par value.
1

LAKELAND BANCORP, INC.
Form 10-Q Index
 
  PAGE
Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (unaudited)
Item 5.
2

PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2023December 31, 2022
(dollars in thousands)(unaudited)
Assets
Cash$327,616 $223,299 
Interest-bearing deposits due from banks26,209 12,651 
Total cash and cash equivalents353,825 235,950 
Investment securities available for sale, at fair value (allowance for credit losses of $0 at September 30, 2023 and $310 at December 31, 2022)
942,510 1,054,312 
Investment securities held to maturity (fair value of $656,725 at September 30, 2023 and $760,455 at December 31, 2022 and allowance for credit losses of $146 at September 30, 2023 and $107 at December 31, 2022)
847,699 923,308 
Equity securities, at fair value17,207 17,283 
Federal Home Loan Bank and other membership bank stock, at cost53,580 42,483 
Loans held for sale1,251 536 
Loans, net of deferred fees8,294,057 7,866,050 
Less: Allowance for credit losses75,159 70,264 
Total loans, net8,218,898 7,795,786 
Premises and equipment, net53,993 55,429 
Operating lease right-of-use assets17,475 20,052 
Accrued interest receivable36,612 33,374 
Goodwill271,829 271,829 
Other intangible assets7,559 9,088 
Bank owned life insurance159,009 156,985 
Other assets195,362 167,425 
Total Assets$11,176,809 $10,783,840 
Liabilities and Stockholders' Equity
Liabilities
Deposits$8,602,503 $8,567,471 
Federal funds purchased and securities sold under agreements to repurchase728,769 728,797 
Long-term Federal Home Loan Bank of New York advances325,000 25,000 
Subordinated debentures194,596 194,264 
Operating lease liabilities18,618 21,449 
Other liabilities171,696 138,272 
Total Liabilities10,041,182 9,675,253 
Stockholders' Equity
Common stock, no par value; authorized 100,000,000 shares; issued 65,161,310 shares and outstanding 65,030,275 shares at September 30, 2023 and issued 65,002,738 shares and outstanding 64,871,703 shares at December 31, 2022
857,707 855,425 
Retained earnings365,498 329,375 
Treasury shares, at cost, 131,035 shares at September 30, 2023 and December 31, 2022
(1,452)(1,452)
Accumulated other comprehensive loss(86,126)(74,761)
Total Stockholders' Equity1,135,627 1,108,587 
Total Liabilities and Stockholders' Equity$11,176,809 $10,783,840 
The accompanying notes are an integral part of these consolidated financial statements.
3

Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
(in thousands, except per share data)2023202220232022
Interest Income
Loans and fees$111,618 $84,924 $317,360 $229,706 
Federal funds sold and interest-bearing deposits with banks1,307 429 4,016 846 
Taxable investment securities and other12,078 9,589 35,571 24,583 
Tax-exempt investment securities1,536 1,485 4,765 4,229 
Total Interest Income126,539 96,427 361,712 259,364 
Interest Expense
Deposits45,058 13,618 110,920 22,486 
Federal funds purchased and securities sold under agreements to repurchase10,186 717 27,773 887 
Other borrowings2,389 1,807 6,646 5,016 
Total Interest Expense57,633 16,142 145,339 28,389 
Net Interest Income68,906 80,285 216,373 230,975 
Provision for credit losses1,262 1,358 11,102 11,274 
Net Interest Income after Provision for Credit Losses67,644 78,927 205,271 219,701 
Noninterest Income
Service charges on deposit accounts1,996 2,808 7,629 8,145 
Commissions and fees1,731 2,212 5,519 6,873 
Income on bank owned life insurance816 1,468 2,613 3,118 
Loss on equity securities(294)(464)(281)(1,313)
Gains on sales of loans held for sale349 355 1,008 2,496 
Swap income697 711 1,114 1,110 
Other income123 143 750 647 
Total Noninterest Income5,418 7,233 18,352 21,076 
Noninterest Expense
Compensation and employee benefits26,156 26,636 83,737 81,253 
Premises and equipment7,888 7,574 23,857 23,225 
FDIC insurance expense1,354 690 3,944 2,034 
Data processing expense1,932 1,419 5,819 4,980 
Merger-related expenses198 3,488 735 8,073 
Other expenses6,840 8,004 21,889 23,273 
Total Noninterest Expense44,368 47,811 139,981 142,838 
Income before provision for income taxes28,694 38,349 83,642 97,939 
Provision for income taxes6,455 9,603 18,970 24,147 
Net Income$22,239 $28,746 $64,672 $73,792 
Per Share of Common Stock
Basic earnings$0.34 $0.44 $0.98 $1.13 
Diluted earnings$0.34 $0.44 $0.98 $1.13 
Dividends paid$0.145 $0.145 $0.435 $0.425 
The accompanying notes are an integral part of these consolidated financial statements.
4

Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
(in thousands)2023202220232022
Net income$22,239 $28,746 $64,672 $73,792 
Other comprehensive loss, net of tax:
Unrealized losses on securities available for sale(9,583)(27,972)(11,001)(78,625)
Amortization of gain on debt securities reclassified to held to maturity(111)(137)(364)(420)
Other comprehensive loss(9,694)(28,109)(11,365)(79,045)
Total comprehensive income (loss)$12,545 $637 $53,307 $(5,253)
The accompanying notes are an integral part of these consolidated financial statements.
5

Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
For the Three Months Ended September 30, 2023 and 2022

(in thousands, except per share data)Common StockRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Total
July 1, 2022$853,206 $286,063 $(1,452)$(47,672)$1,090,145 
Net income— 28,746 — — 28,746 
Other comprehensive loss, net of tax— — — (28,109)(28,109)
Stock-based compensation1,209 — — — 1,209 
Retirement of restricted stock(79)— — — (79)
Cash dividends on common stock of $0.145 per share
— (9,506)— — (9,506)
September 30, 2022$854,336 $305,303 $(1,452)$(75,781)$1,082,406 
July 1, 2023$856,807 $352,779 $(1,452)$(76,432)$1,131,702 
Net income— 22,239 — — 22,239 
Other comprehensive loss, net of tax— — — (9,694)(9,694)
Stock-based compensation915 — — — 915 
Retirement of restricted stock(15)— — — (15)
Cash dividends on common stock of $0.145 per share
— (9,520)— — (9,520)
September 30, 2023$857,707 $365,498 $(1,452)$(86,126)$1,135,627 
The accompanying notes are an integral part of these consolidated financial statements.
6

Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
For the Nine Months Ended September 30, 2023 and 2022
(in thousands, except per share data)Common
Stock
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Income (Loss)
Total
 
January 1, 2022$565,862 $259,340 $(1,452)$3,264 $827,014 
Net income— 73,792 — — 73,792 
Other comprehensive loss, net of tax— — — (79,045)(79,045)
Issuance of stock for 1st Constitution acquisition285,742 — — — 285,742 
Stock based compensation3,807 — — — 3,807 
Retirement of restricted stock(1,075)— — — (1,075)
Cash dividends on common stock of $0.425 per share
— (27,829)— — (27,829)
September 30, 2022$854,336 $305,303 $(1,452)$(75,781)$1,082,406 
January 1, 2023$855,425 $329,375 $(1,452)$(74,761)$1,108,587 
Net income— 64,672 — — 64,672 
Other comprehensive loss, net of tax— — — (11,365)(11,365)
Stock based compensation3,832 — — — 3,832 
Retirement of restricted stock(1,550)— — — (1,550)
Cash dividends on common stock of $0.435 per share
— (28,549)— — (28,549)
September 30, 2023$857,707 $365,498 $(1,452)$(86,126)$1,135,627 
The accompanying notes are an integral part of these consolidated financial statements.

7

Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
 For the Nine Months Ended September 30,
(in thousands)20232022
Cash Flows from Operating Activities:
Net income$64,672 $73,792 
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums, discounts and deferred loan fees and costs4,052 4,264 
Depreciation and amortization3,734 4,071 
Amortization of intangible assets1,529 1,770 
Amortization of operating lease right-of-use assets3,044 3,098 
Provision for credit losses 11,102 11,274 
Loans originated for sale(36,761)(53,280)
Proceeds from sales of loans held for sale37,054 61,449 
Loss on equity securities281 1,313 
Income on bank owned life insurance(2,392)(2,376)
Gains on proceeds from bank owned life insurance policies(220)(742)
Gains on sales of loans held for sale(1,008)(2,496)
Gains on other real estate and other repossessed assets(15)(17)
Loss on sales of premises and equipment 218 
Loss on sale of assets41  
Impairment of property held for sale 100 
Stock-based compensation3,832 3,807 
Excess tax benefits130 62 
Increase in other assets(29,079)(68,258)
Increase in other liabilities30,356 60,647 
Net Cash Provided by Operating Activities90,352 98,696 
Cash Flows from Investing Activities:
Net cash acquired in acquisitions 326,236 
Proceeds from repayments and maturities of available for sale securities87,761 111,966 
Proceeds from repayments and maturities of held to maturity securities82,971 108,875 
Purchase of available for sale securities (312,904)
Purchase of held to maturity securities(10,955)(99,249)
Purchase of equity securities(205)(1,125)
Death benefit proceeds from bank owned life insurance policy716 1,825 
Proceeds from redemptions of Federal Home Loan Bank stock169,586 42,900 
Purchases of Federal Home Loan Bank stock(180,683)(53,650)
Net increase in loans(424,352)(487,444)
Proceeds from sales of other real estate and repossessed assets1,930 17 
Proceeds from dispositions and sales of premises and equipment 598 
Purchases of premises and equipment(4,289)(3,726)
Net Cash Used in Investing Activities(277,520)(365,681)
Cash Flows from Financing Activities:
Net increase in deposits35,171 61,788 
(Decrease) increase in federal funds purchased and securities sold under agreements to repurchase(29)251,334 
Proceeds from long-term Federal Home Loan Bank of New York advances300,000  
Retirement of restricted stock(1,550)(1,075)
Dividends paid(28,549)(27,829)
Net Cash Provided by Financing Activities305,043 284,218 
Net increase in cash and cash equivalents117,875 17,233 
Cash and cash equivalents, beginning of period235,950 228,530 
Cash and cash equivalents, end of period$353,825 $245,763 

8

Lakeland Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

 For the Nine Months Ended September 30,
(in thousands)20232022
Supplemental schedule of non-cash investing and financing activities:
Cash paid during the period for income taxes$20,409 $24,829 
Cash paid during the period for interest140,405 28,163 
Right-of-use assets obtained in exchange for new lease liabilities467 739 
Acquisitions:
Non-cash assets acquired:
Federal Home Loan Bank stock 1,247 
Investment securities available for sale 217,774 
Investment securities held to maturity 124,485 
Loans held for sale 4,620 
Loans 1,095,266 
Fixed Assets 13,748 
Operating lease right-of-use assets 12,991 
Goodwill and other intangible assets, net 124,570 
Bank owned life insurance 37,580 
Other assets 8,820 
Total non-cash assets acquired 1,641,101 
Liabilities assumed:
Deposits 1,650,613 
Subordinated debt 14,734 
Operating lease liabilities 12,991 
Other liabilities 3,257 
Total liabilities assumed 1,681,595 
Common stock issued$ $285,742 
The accompanying notes are an integral part of these consolidated financial statements.
9

Lakeland Bancorp, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
Note 1 – Significant Accounting Policies
Basis of Presentation
This quarterly report presents the consolidated financial statements of Lakeland Bancorp, Inc. and its subsidiaries, including Lakeland Bank (“Lakeland”) and Lakeland’s wholly owned subsidiaries (collectively, the “Company”). The accounting and reporting policies of the Company conform with U.S. generally accepted accounting principles (“U.S. GAAP”) and predominant practices within the banking industry. The Company’s unaudited interim financial statements reflect all adjustments, such as normal recurring accruals that are in the opinion of management, necessary for the fair presentation of the results of the interim periods. The results of operations for the nine months ended September 30, 2023 do not necessarily indicate the results that the Company will achieve for all of 2023.
Certain information and footnote disclosures required under U.S. GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. These unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes that are presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Note 2 – Business Combinations
Provident Financial Services, Inc.
On September 26, 2022, the Company entered into a definitive merger agreement with Provident Financial Services, Inc. ("Provident") pursuant to which the companies will combine in an all-stock merger. Under the terms of the merger agreement, the Company will merge with and into Provident, with Provident as the surviving corporation, and Lakeland Bank will merge with and into Provident Bank, with Provident Bank as the surviving bank. Following the closing of the transaction, Lakeland shareholders will receive 0.8319 shares of Provident common stock for each share of Lakeland common stock they own. Upon completion of the transaction, which was subject to both Provident and Lakeland shareholder approval, Provident shareholders will own approximately 58% and Lakeland shareholders will own approximately 42% of the combined company. As of September 26, 2022, the transaction was valued at approximately $1.3 billion on a fully diluted basis. The combined company is expected to have more than $25 billion in total assets, $18 billion in total loans and $20 billion in total deposits.
The transaction has been approved by the boards of directors of both companies and, on February 1, 2023, shareholders of each company approved the proposed merger. The closing of the merger remains subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.
The Company incurred merger-related expenses on the anticipated transaction with Provident of $198,000 during the third quarter of 2023 and $735,000 for the nine months ended September 30, 2023 compared to $3.5 million for the three and nine months ended September 30, 2022.
1st Constitution Bancorp
On January 6, 2022, the Company completed its acquisition of 1st Constitution Bancorp ("1st Constitution"), a bank holding company headquartered in Cranbury, New Jersey. 1st Constitution was the parent of 1st Constitution Bank, which operated 25 branches in Bergen, Mercer, Middlesex, Monmouth, Ocean and Somerset Counties in New Jersey. This acquisition enabled the Company to establish a presence in Mercer, Middlesex and Monmouth Counties and broaden its presence in the other counties. Effective as of the close of business on January 6, 2022, 1st Constitution merged into the Company and 1st Constitution Bank merged into Lakeland. Pursuant to the merger agreement, the shareholders of 1st Constitution received for each outstanding share of 1st Constitution common stock that they owned at the effective time of the merger 1.3577 shares of Lakeland Bancorp, Inc. common stock. The Company issued 14,020,495 shares of its common stock in the merger. Outstanding 1st Constitution stock options were paid out in cash at the difference between $25.55 and an average strike price of $15.95 for a total cash payment of $559,000.
The acquisition was accounted for under the acquisition method of accounting and accordingly, the assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values as of the acquisition date, including the use of a fair market value specialist. The calculation of goodwill was subject to change for up to one year after the closing date of the transaction as additional information relative to closing date estimates and uncertainties became available. No adjustments were made in the year after the close of the acquisition and all accounting is considered final. 1st Constitution's results of operations have been included in the Company's Consolidated Statements of Income from January 6, 2022 forward. Further information can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
10

Direct costs related to the 1st Constitution acquisition were expensed as incurred in 2022. The Company incurred no merger-related expenses in the third quarter of 2022 and $4.6 million of merger-related expenses in the nine months ended September 30, 2022 that have been separately stated in the Company's Consolidated Statements of Income.
Note 3 – Earnings Per Share
The following schedule shows the Company’s earnings per share calculations for the periods presented:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
(in thousands, except per share data)2023202220232022
Net income available to common shareholders
$22,239 $28,746 $64,672 $73,792 
Less: earnings allocated to participating securities
221 339 660 847 
Net income allocated to common shareholders
$22,018 $28,407 $64,012 $72,945 
Weighted average number of common shares outstanding - basic
65,064 64,842 65,03064,547 
Share-based plans158 219 180208
Weighted average number of common shares outstanding - diluted
65,222 65,061 65,210 64,755 
Basic earnings per share$0.34 $0.44 $0.98 $1.13 
Diluted earnings per share$0.34 $0.44 $0.98 $1.13 
There were no antidilutive options to purchase common stock excluded from the computation for the three and nine months ended September 30, 2023 and 2022.
11

Note 4 – Investment Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows:
 September 30, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$347,515 $114 $(26,741)$ $320,888 
Mortgage-backed securities, residential328,434  (49,151) 279,283 
Collateralized mortgage obligations, residential155,532  (17,499) 138,033 
Mortgage-backed securities, multifamily861  (221) 640 
Collateralized mortgage obligations, multifamily49,588  (5,452) 44,136 
Asset-backed securities46,681  (857) 45,824 
Obligations of states and political subdivisions20,387  (1,385) 19,002 
Corporate bonds112,598  (17,894) 94,704 
Total$1,061,596 $114 $(119,200)$ $942,510 
 December 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$383,958 $100 $(28,419)$ $355,639 
Mortgage-backed securities, residential351,355 6 (40,748) 310,613 
Collateralized mortgage obligations, residential170,502  (16,444) 154,058 
Mortgage-backed securities, multifamily1,000  (215) 785 
Collateralized mortgage obligations, multifamily51,108  (4,775) 46,333 
Asset-backed securities54,105  (1,710) 52,395 
Obligations of states and political subdivisions22,112  (989)(1)21,122 
Corporate bonds124,394  (10,718)(309)113,367 
Total$1,158,534 $106 $(104,018)$(310)$1,054,312 
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows:
 September 30, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$10,598 $9 $(690)$ $9,917 
Mortgage-backed securities, residential339,427  (71,117) 268,310 
Collateralized mortgage obligations, residential12,474  (3,062) 9,412 
Mortgage-backed securities, multifamily5,024  (883) 4,141 
Obligations of states and political subdivisions477,322 15 (114,639)(25)362,673 
Corporate bonds3,000  (607)(121)2,272 
Total$847,845 $24 $(190,998)$(146)$656,725 
12

 December 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$11,099 $11 $(725)$ $10,385 
Mortgage-backed securities, residential360,683 57 (58,128) 302,612 
Collateralized mortgage obligations, residential13,026  (2,570) 10,456 
Mortgage-backed securities, multifamily5,094  (747) 4,347 
Obligations of states and political subdivisions530,513 2 (100,400)(7)430,108 
Corporate bonds3,000  (353)(100)2,547 
Total$923,415 $70 $(162,923)$(107)$760,455 
The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of September 30, 2023. Mortgage-backed and asset-backed securities are not shown by maturity because expected maturities may differ from contractual maturities due to underlying loan prepayments of the issuer. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available for SaleHeld to Maturity
(in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$57,725 $56,140 $19,963 $19,882 
Due after one year through five years228,358 211,652 36,981 34,401 
Due after five years through ten years136,143 115,478 96,873 78,179 
Due after ten years58,274 51,324 337,103 242,400 
480,500 434,594 490,920 374,862 
Mortgage-backed and asset-backed securities581,096 507,916 356,925 281,863 
Total$1,061,596 $942,510 $847,845 $656,725 
During the three and nine months ended September 30, 2023 and 2022, there were no sales of available for sale securities. Gains or losses on sales of securities are based on the net proceeds and the adjusted carrying amount of the securities sold using the specific identification method.
Securities with a carrying value of approximately $1.58 billion and $1.34 billion at September 30, 2023 and December 31, 2022, respectively, were pledged to secure public deposits, expand secured borrowing capacity and for other purposes required by applicable laws and regulations.
13

The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented:
September 30, 2023Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$11,753 $20 $296,137 $26,721 59 $307,890 $26,741 
Mortgage-backed securities, residential860 6 278,423