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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, 2023
☐    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 000-33501
NORTHRIM BANCORP, INC.
(Exact name of registrant as specified in its charter)
Alaska 92-0175752
(State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)
3111 C Street
Anchorage, Alaska 99503
(Address of principal executive offices)    (Zip Code) 

(907) 562-0062

(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
TITLE OF EACH CLASSTRADING SYMBOLNAME OF EXCHANGE
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.   
ý Yes  ¨ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted 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). 
ý 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 ý    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  ý No

The number of shares of the issuer’s Common Stock, par value $1 per share, outstanding at November 3, 2023 was 5,525,436.



1

PART I. FINANCIAL INFORMATION
These consolidated financial statements should be read in conjunction with the consolidated financial statements, accompanying notes and other relevant information included in Northrim BanCorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2022.

ITEM 1. FINANCIAL STATEMENTS
2

CONSOLIDATED FINANCIAL STATEMENTS
NORTHRIM BANCORP, INC.
Consolidated Balance Sheets
(Unaudited)
 September 30,
2023		December 31,
2022
(In Thousands, Except Share Data)
ASSETS  
Cash and due from banks$31,276 $27,747 
Interest bearing deposits in other banks79,952 231,603 
Investment securities available for sale, at fair value652,150 677,029 
Marketable equity securities10,615 10,740 
Investment securities held to maturity, at amortized cost36,750 36,750 
Investment in Federal Home Loan Bank stock6,334 3,816 
Loans held for sale63,151 27,538 
Loans1,720,091 1,501,785 
Allowance for credit losses, loans(16,491)(13,838)
Net loans1,703,600 1,487,947 
Purchased receivables, net34,578 19,994 
Mortgage servicing rights, at fair value19,396 18,635 
Other real estate owned, net150 — 
Premises and equipment, net40,920 37,821 
Operating lease right-of-use assets9,673 9,868 
Goodwill15,017 15,017 
Other intangible assets, net956 967 
Other assets85,671 68,846 
Total assets$2,790,189 $2,674,318 
LIABILITIES  
Deposits:  
Demand$764,647 $797,434 
Interest-bearing demand875,814 767,686 
Savings265,799 320,917 
Money market230,814 308,317 
Certificates of deposit less than $250,000169,797 115,330 
Certificates of deposit $250,000 and greater121,059 77,527 
Total deposits2,427,930 2,387,211 
Borrowings63,781 14,095 
Junior subordinated debentures10,310 10,310 
Operating lease liabilities9,673 9,865 
Other liabilities53,236 34,208 
Total liabilities2,564,930 2,455,689 
SHAREHOLDERS' EQUITY  
Preferred stock, $1 par value, 2,500,000 shares authorized, none issued or outstanding
— — 
Common stock, $1 par value, 10,000,000 shares authorized, 5,548,436 and 5,700,728 issued and outstanding at September 30, 2023 and December 31, 2022, respectively
5,548 5,701 
Additional paid-in capital12,005 17,784 
Retained earnings232,747 224,225 
Accumulated other comprehensive loss, net of tax(25,041)(29,081)
Total shareholders' equity225,259 218,629 
Total liabilities and shareholders' equity$2,790,189 $2,674,318 
See notes to consolidated financial statements
3

NORTHRIM BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(In Thousands, Except Per Share Data)2023202220232022
Interest and Dividend Income  
Interest and fees on loans and loans held for sale$29,097 $22,130 $79,104 $60,205 
Interest on investment securities available for sale4,012 2,922 11,942 5,983 
Dividends on marketable equity securities199 161 542 386 
Interest on investment securities held to maturity473 413 1,420 1,038 
Dividends on Federal Home Loan Bank stock43 34 114 90 
Interest on deposits in other banks584 1,899 2,901 2,907 
Total Interest and Dividend Income34,408 27,559 96,023 70,609 
Interest Expense  
Interest expense on deposits7,138 1,064 17,835 2,238 
Interest expense on borrowings825 88 1,381 260 
Interest expense on junior subordinated debentures95 96 283 284 
Total Interest Expense8,058 1,248 19,499 2,782 
Net Interest Income26,350 26,311 76,524 67,827 
Provision (benefit) for credit losses1,190 (353)2,957 (40)
Net Interest Income After Provision (Benefit) for Credit Losses25,160 26,664 73,567 67,867 
Other Operating Income  
Mortgage banking income4,405 5,734 10,326 18,616 
Purchased receivable income1,180 561 3,175 1,529 
Bankcard fees1,022 992 2,916 2,723 
Service charges on deposit accounts550 432 1,512 1,208 
Unrealized gain (loss) on marketable equity securities
12 33 (445)(1,199)
Keyman life insurance proceeds— — — 2,002 
Other income833 920 2,406 2,423 
Total Other Operating Income8,002 8,672 19,890 27,302 
Other Operating Expense  
Salaries and other personnel expense15,657 14,510 46,324 44,017 
Data processing expense2,589 2,315 7,321 6,618 
Occupancy expense1,857 1,710 5,611 5,184 
Professional and outside services803 894 2,326 2,324 
Insurance expense640 545 1,844 1,627 
Marketing expense499 524 1,996 1,763 
Intangible asset amortization expense4 7 11 19 
OREO expense, net rental income and gains on sale(784)109 (766)116 
Other operating expense1,631 1,672 5,521 4,957 
Total Other Operating Expense22,896 22,286 70,188 66,625 
Income Before Provision for Income Taxes10,266 13,050 23,269 28,544 
Provision for income taxes1,892 2,925 4,488 6,398 
Net Income $8,374 $10,125 $18,781 $22,146 
Earnings Per Share, Basic$1.50 $1.77 $3.34 $3.82 
Earnings Per Share, Diluted$1.48 $1.76 $3.30 $3.79 
Weighted Average Common Shares Outstanding, Basic
5,569,238 5,681,089 5,630,948 5,790,000 
Weighted Average Common Shares Outstanding, Diluted
5,624,906 5,740,494 5,688,687 5,848,625 
See notes to consolidated financial statements
4

NORTHRIM BANCORP, INC.
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
2010
Three Months Ended September 30,Nine Months Ended September 30,
(In Thousands)2023202220232022
Net income$8,374 $10,125 $18,781 $22,146 
Other comprehensive income (loss), net of tax:  
   Securities available for sale:  
         Unrealized holding gains (losses) arising during the period$1,320 ($17,518)$5,025 ($41,535)
Derivatives and hedging activities:
     Unrealized holding gains arising during the period
639 684 621 2,438 
Income tax benefit related to unrealized (gains) and losses(557)4,786 (1,606)11,115 
Other comprehensive income (loss), net of tax1,402 (12,048)4,040 (27,982)
Comprehensive income (loss)$9,776 ($1,923)$22,821 ($5,836)
 
See notes to consolidated financial statements

5

NORTHRIM BANCORP, INC.
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
 Common StockAdditional Paid-in Capital Retained EarningsAccumulated Other Comprehensive Income (Loss), net of Tax Total
 Number of SharesPar Value
(In Thousands)
Balance as of January 1, 20226,015 $6,015 $31,162 $204,046 ($3,406)$237,817 
Cash dividend on common stock ($0.41 per share)
— — — (2,471)— (2,471)
Stock-based compensation expense— — 187 — — 187 
Repurchase of common stock(133)(133)(5,790)— — (5,923)
Other comprehensive loss, net of tax— — — — (11,004)(11,004)
Net income— — — 7,226 — 7,226 
Balance as of March 31, 20225,882 $5,882 $25,559 $208,801 ($14,410)$225,832 
Cash dividend on common stock ($0.41 per share)
— — — (2,364)— (2,364)
Stock-based compensation expense— — 190 — — 190 
Other comprehensive loss, net of tax— — — — (4,930)(4,930)
Net income— — — 4,795 — 4,795 
Balance as of June 30, 20225,681 $5,681 $17,716 $211,232 ($19,340)$215,289 
Cash dividend on common stock ($0.50 per share)
— — — (2,858)— (2,858)
Stock-based compensation expense— — 191 — — 191 
Other comprehensive loss, net of tax— — — — (12,048)(12,048)
Net income— — — 10,125 — 10,125 
Balance as of September 30, 20225,681 $5,681 $17,907 $218,499 ($31,388)$210,699 
Cash dividend on common stock ($0.50 per share)
— — — (2,869)— (2,869)
Stock-based compensation expense— — 174 — — 174 
Exercise of stock options and vesting of restricted stock units, net20 20 (297)— — (277)
Other comprehensive gain, net of tax
— — — — 2,307 2,307 
Net income— — — 8,595 — 8,595 
Balance as of December 31, 20225,701 $5,701 $17,784 $224,225 ($29,081)$218,629 
 See notes to consolidated financial statements





6

NORTHRIM BANCORP, INC.
Consolidated Statements of Changes in Shareholders’ Equity
(Continued)
(Unaudited)
 Common StockAdditional Paid-in Capital Retained EarningsAccumulated Other Comprehensive Income (Loss), net of Tax Total
 Number of SharesPar Value
(In Thousands)
Balance as of January 1, 20235,701 $5,701 $17,784 $224,225 ($29,081)$218,629 
Cash dividend on common stock ($0.60 per share)
— — — (3,444)— (3,444)
Stock-based compensation expense— — 140 — — 140 
Repurchase of common stock(28)(28)(1,299)— — (1,327)
Other comprehensive gain, net of tax
— — — — 5,597 5,597 
Net income— — — 4,830 — 4,830 
Balance as of March 31, 20235,673 $5,673 $16,625 $225,611 ($23,484)$224,425 
Cash dividend on common stock ($0.60 per share)
— — — (3,432)— (3,432)
Stock-based compensation expense— — 225 — — 225 
Repurchase of common stock(62)(62)(2,439)— — (2,501)
Other comprehensive loss, net of tax— — — — (2,958)(2,958)
Net income— — — 5,577 — 5,577 
Balance as of June 30, 20235,611 $5,611 $14,411 $227,756 ($26,442)$221,336 
Cash dividend on common stock ($0.60 per share)
— — — (3,384)— (3,384)
Stock-based compensation expense— — 254 — — 254 
Exercise of stock options and vesting of restricted stock units, net— — (12)— — (12)
Repurchase of common stock(63)(63)(2,648)— — (2,711)
Other comprehensive gain, net of tax
— — — — 1,402 1,402 
Net income— — — 8,374 — 8,374 
Balance as of September 30, 20235,548 $5,548 $12,005 $232,746 ($25,040)$225,259 
See notes to consolidated financial statements
7

NORTHRIM BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(In Thousands)20232022
Operating Activities:  
Net income$18,781 $22,146 
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:  
Depreciation and amortization of premises and equipment2,430 2,361 
Amortization of software865 881 
Intangible asset amortization11 19 
Amortization of investment security premium, net of discount accretion376 496 
Unrealized loss on marketable equity securities445 1,199 
Stock-based compensation619 568 
Deferred loan fees and amortization, net of costs(324)(3,570)
Provision (benefit) for credit losses
2,957 (40)
Additions to home mortgage servicing rights carried at fair value(2,440)(3,378)
Change in fair value of home mortgage servicing rights carried at fair value1,679 (607)
Change in fair value of commercial servicing rights carried at fair value144 123 
Gain on sale of loans(6,366)(12,306)
Proceeds from the sale of loans held for sale267,165 539,984 
Origination of loans held for sale(296,412)(503,384)
Gain on sale of other real estate owned(929)— 
Impairment on other real estate owned123 — 
Proceeds from keyman life insurance— (2,002)
Net changes in assets and liabilities:  
(Increase) in accrued interest receivable(3,265)(1,649)
Decrease in other assets1,903 5,123 
Increase (Decrease) in other liabilities1,127 (5,123)
Net Cash (Used) Provided by Operating Activities(11,111)40,841 
Investing Activities:  
Investment in securities:  
Purchases of investment securities available for sale(6,000)(274,263)
Purchases of marketable equity securities(324)(3,933)
Purchases of FHLB stock(5,441)(728)
Purchases of investment securities held to maturity— (16,750)
Proceeds from sales/calls/maturities of securities available for sale35,528 7,000 
Proceeds from redemption of FHLB stock2,923 15 
(Increase) decrease in purchased receivables, net(14,584)2,202 
 (Increase) decrease in loans, net(218,121)11,230 
Proceeds from sale of other real estate owned929 — 
 Proceeds from keyman life insurance— 2,002 
Purchases of software(104)(14)
Purchases of premises and equipment(5,529)(2,128)
Net Cash (Used) by Investing Activities(210,723)(275,367)
Financing Activities:  
Increase in deposits40,719 17,704 
Increase (decrease) in borrowings49,686 (309)
Repurchase of common stock(6,539)(14,157)
Cash dividends paid(10,154)(7,618)
Net Cash Provided (Used) by Financing Activities73,712 (4,380)
Net Change in Cash and Cash Equivalents(148,122)(238,906)
Cash and Cash Equivalents at Beginning of Period259,350 645,827 
Cash and Cash Equivalents at End of Period$111,228 $406,921 
8

Supplemental Information:  
Income taxes paid$2,031 $640 
Interest paid$18,340 $2,678 
Noncash commitments to invest in Low Income Housing Tax Credit Partnerships$14,273 $— 
Transfer of loans to other real estate owned$273 $— 
Non-cash lease liability arising from obtaining right of use assets$423 $— 
Cash dividends declared but not paid$106 $75 
 
See notes to consolidated financial statements
9

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies
The accompanying unaudited consolidated financial statements and corresponding footnotes have been prepared by Northrim BanCorp, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The year-end Consolidated Balance Sheet data was derived from the Company's audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Company owns a 100% interest in Residential Mortgage Holding Company, LLC, the parent company of Residential Mortgage, LLC (collectively "RML") and consolidates their balance sheets and income statement into its financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company determined that it operates in two primary operating segments: Community Banking and Home Mortgage Lending. The Company has evaluated subsequent events and transactions for potential recognition or disclosure. Operating results for the interim period ended September 30, 2023 are not necessarily indicative of the results anticipated for the year ending December 31, 2023. These consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
The Company’s significant accounting policies are discussed in Note 1 to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes in our application of these accounting policies in 2023.
Reclassification of Prior Period Presentation
Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or total shareholders' equity.
Recent Accounting Pronouncements
Accounting pronouncements implemented in 2023
In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"). The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings ("TDRs") by creditors while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs which includes an assessment of whether the creditor has granted a concession, an entity must evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Additionally, for public business entities, ASU 2022-02 requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6. The Company adopted ASU 2022-02 on January 1, 2023. The Company elected to adopt the updated guidance on TDR recognition and measurement prospectively; therefore the guidance is applied to modifications occurring after the date of adoption. The amendments on TDR disclosures and vintage disclosures must be adopted prospectively. The adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial position or results of operations.
Accounting pronouncements to be implemented in future periods    
In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). Under current GAAP, an entity can only elect to apply the proportional amortization method to investments in low income housing tax credit ("LIHTC") structures. The amendments in ASU 2023-02 allow entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions are met. ASU 2023-02 provides amendments to paragraph ASC 323-740-25-1, which sets forth the conditions needed to apply the proportional amortization
10

method. The amendments make certain limited changes to those conditions to clarify their application to a broader group of tax credit investment programs. However, the conditions in substance remain consistent with current GAAP. The amendments in this ASU 2023-02 also eliminate certain LIHTC-specific guidance to align the accounting more closely for LIHTCs with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution guidance in paragraph ASC 323-740-25-3 applies only to tax equity investments accounted for using the proportional amortization method. ASU 2023-02 is effective for the Company for fiscal years beginning after December 15, 2023 and must be applied on either a modified retrospective or a retrospective basis. The Company does not have any equity investments made primarily for the purpose of receiving income tax credits except for LIHTC structures, which it accounts for using the proportional amortization method. The Company does not believe that the adoption of ASU 2023-02 will have a material impact on the Company's consolidated financial statements.


2. Investment Securities
Marketable Equity Securities
The Company held marketable equity securities with fair values of $10.6 million and $10.7 million at September 30, 2023 and December 31, 2022, respectively. The gross realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In Thousands)2023202220232022
Unrealized gain (loss) on marketable equity securities$12 $33 ($445)($1,199)
Gain on sale of marketable equity securities, net— — — — 
   Total$12 $33 ($445)($1,199)

Debt securities
Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, estimated fair value, and the Allowance for Credit Losses ("ACL") of debt securities and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities at the periods indicated:
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
September 30, 2023    
Securities available for sale    
U.S. Treasury and government sponsored entities$614,215 $— ($35,580)$— $578,635 
Municipal securities820 — (11)— 809 
Corporate bonds14,015 50 (587)— 13,478 
Collateralized loan obligations60,164 — (936)— 59,228 
Total securities available for sale$689,214 $50 ($37,114)$— $652,150 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2023
Securities held to maturity
Corporate bonds$36,750 $— ($4,517)$32,233 
   Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($4,517)$32,233 
11

(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2022    
Securities available for sale    
U.S. Treasury and government sponsored entities$634,582 $1 ($39,422)$— $595,161 
Municipal securities820 — (25)— 795 
Corporate bonds24,281 37 (674)— 23,644 
Collateralized loan obligations59,434 — (2,005)— 57,429 
Total securities available for sale$719,117 $38 ($42,126)$— $677,029 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2022
Securities held to maturity
Corporate bonds$36,750 $— ($4,111)$32,639 
   Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($4,111)$32,639 

Gross unrealized losses on available for sale securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2023 and December 31, 2022 were as follows:

Less Than 12 MonthsMore Than 12 MonthsTotal
(In Thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
September 30, 2023
Securities available for sale
     U.S. Treasury and government sponsored entities$42,827 ($658)$535,809 ($34,922)$578,636 ($35,580)
     Corporate bonds— — 6,431 (587)6,431 (587)
     Collateralized loan obligations9,874 (126)49,354 (810)59,228 (936)
     Municipal securities— — 809 (11)809 (11)
          Total$52,701 ($784)$592,403 ($36,330)$645,104 ($37,114)
December 31, 2022:
Securities available for sale
     U.S. Treasury and government sponsored entities$282,319 ($8,876)$302,840 ($30,546)$585,159 ($39,422)
     Corporate bonds13,216 (43)4,394 (631)17,610 (674)
     Collateralized loan obligations22,309 (632)35,120 (1,373)57,429 (2,005)
     Municipal securities795 (25)— — 795 (25)
          Total$318,639 ($9,576)$342,354 ($32,550)$660,993 ($42,126)

Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At September 30, 2023, the Company had 82 available for sale securities in an unrealized loss position without an ACL. At September 30, 2023, the Company had five held to maturity securities in an unrealized loss position without an ACL. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities
12

approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of September 30, 2023, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, primarily changes in interest rates, and therefore no losses have been recognized in the Company's Consolidated Statements of Income.

At September 30, 2023 and December 31, 2022, carrying amounts of $168.4 million and $59.3 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of debt securities at September 30, 2023, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. 
(In Thousands)Amortized CostFair Value
US Treasury and government sponsored entities  
Within 1 year$134,494 $132,302 
1-5 years479,721 446,333 
Total$614,215 $578,635 
Corporate bonds  
Within 1 year$2,000 $1,981 
1-5 years22,015 20,836 
5-10 years26,750 25,842 
Total$50,765 $48,659 
Collateralized loan obligations
5-10 years$29,670 $29,450 
Over 10 years30,494 29,778 
Total$60,164 $59,228