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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 ending March 31, 2022
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 001-39123
SILVERGATE CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Maryland33-0227337
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4250 Executive Square, Suite 300, La Jolla, CA 92037
(Address of principal executive offices, including zip code)
(858362-6300
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareSINew York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series ASI PRANew York Stock 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. 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
Emerging growth company
Non-accelerated Filer
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 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 Act). Yes No
As of May 2, 2022, the registrant had 31,633,815 shares of Class A voting common stock outstanding.



SILVERGATE CAPITAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page

1

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Par Value and Per Share Amounts)
(Unaudited) 
 March 31,
2022
December 31,
2021
ASSETS
Cash and due from banks$207,304 $208,193 
Interest earning deposits in other banks1,178,205 5,179,753 
Cash and cash equivalents1,385,509 5,387,946 
Securities available-for-sale, at fair value9,463,494 8,625,259 
Securities held-to-maturity, at amortized cost (fair value of $2,578,976 at March 31, 2022)
2,751,625  
Loans held-for-sale, at lower of cost or fair value937,140 893,194 
Loans held-for-investment, net of allowance for loan losses of $4,442 and $6,916 at March 31, 2022 and December 31, 2021, respectively
739,014 887,304 
Federal home loan and federal reserve bank stock, at cost61,719 34,010 
Accrued interest receivable62,573 40,370 
Premises and equipment, net1,678 3,008 
Intangible assets189,977  
Derivative assets46,415 34,056 
Other assets158,869 100,348 
Total assets$15,798,013 $16,005,495 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing demand accounts$13,323,535 $14,213,472 
Interest bearing accounts72,627 77,156 
Total deposits13,396,162 14,290,628 
Federal home loan bank advances
800,000  
Subordinated debentures, net15,848 15,845 
Accrued expenses and other liabilities39,507 90,186 
Total liabilities14,251,517 14,396,659 
Commitments and contingencies
Preferred stock, $0.01 par value—authorized 10,000 shares; $1,000 per share liquidation preference, 200 shares issued and outstanding at March 31, 2022 and December 31, 2021
2 2 
Class A common stock, $0.01 par value—authorized 125,000 shares; 31,630 and 30,403 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
316 304 
Class B non-voting common stock, $0.01 par value—authorized 25,000 shares; no shares issued and outstanding at March 31, 2022 and December 31, 2021
  
Additional paid-in capital1,553,547 1,421,592 
Retained earnings218,558 193,860 
Accumulated other comprehensive loss(225,927)(6,922)
Total shareholders’ equity1,546,496 1,608,836 
Total liabilities and shareholders’ equity$15,798,013 $16,005,495 
See accompanying notes to unaudited consolidated financial statements
2

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited) 
Three Months Ended
March 31,
 20222021
Interest income
Loans, including fees$18,287 $16,597 
Taxable securities17,779 3,592 
Tax-exempt securities13,184 1,695 
Other interest earning assets1,385 1,279 
Dividends and other203 143 
Total interest income50,838 23,306 
Interest expense
Deposits21 46 
Federal home loan bank advances70  
Subordinated debentures and other252 245 
Total interest expense343 291 
Net interest income before provision for loan losses50,495 23,015 
Reversal of provision for loan losses(2,474) 
Net interest income after provision for loan losses52,969 23,015 
Noninterest income
Deposit related fees8,968 7,124 
Mortgage warehouse fee income651 954 
Loss on sale of securities, net(605) 
Other income436 12 
Total noninterest income9,450 8,090 
Noninterest expense
Salaries and employee benefits15,544 10,990 
Occupancy and equipment586 614 
Communications and data processing2,762 1,621 
Professional services2,954 1,717 
Federal deposit insurance1,762 2,296 
Correspondent bank charges828 497 
Other loan expense384 174 
Other general and administrative3,198 1,697 
Total noninterest expense28,018 19,606 
Income before income taxes34,401 11,499 
Income tax expense (benefit)7,015 (1,211)
Net income27,386 12,710 
Dividends on preferred stock2,688  
Net income available to common shareholders$24,698 $12,710 
Basic earnings per common share$0.79 $0.56 
Diluted earnings per common share$0.79 $0.55 
Weighted average common shares outstanding:
Basic31,219 22,504 
Diluted31,401 23,010 
See accompanying notes to unaudited consolidated financial statements
3

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In Thousands)
(Unaudited)
Three Months Ended
March 31,
 20222021
Net income$27,386 $12,710 
Other comprehensive income (loss):
Change in net unrealized loss on available-for-sale securities(324,226)(13,434)
Less: Reclassification adjustment for net loss included in net income605  
Less: Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity774  
Income tax effect94,220 3,690 
Unrealized loss on available-for-sale securities, net of tax(228,627)(9,744)
Change in net unrealized gain (loss) on derivative assets14,603 (7,460)
Less: Reclassification adjustment for net gain included in net income(951)(504)
Income tax effect(4,030)2,189 
Unrealized gain (loss) on derivative instruments, net of tax9,622 (5,775)
Other comprehensive loss(219,005)(15,519)
Total comprehensive loss$(191,619)$(2,809)
See accompanying notes to unaudited consolidated financial statements
4

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In Thousands, Except Share Data)
(Unaudited)
Preferred StockClass A Common StockClass B Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
SharesAmountSharesAmountSharesAmount
Balance at January 1, 2021 $ 18,769,771 $188 64,197 $1 $129,726 $118,348 $46,036 $294,299 
Total comprehensive income (loss), net of tax— — — — — — — 12,710 (15,519)(2,809)
Issuance of stock, net— — 5,860,858 58 — — 423,482 — — 423,540 
Conversion of Class B common stock to Class A common stock— — 64,197 1 (64,197)(1)— — —  
Stock-based compensation— — — — — — 290 — — 290 
Exercise of stock options, net of shares withheld for employee taxes— — 124,848 1 — — (1,700)— — (1,699)
Issuance of share-based awards, net of shares withheld for employee taxes— — 294 — — — — — — — 
Balance at March 31, 2021 $ 24,819,968 $248  $ $551,798 $131,058 $30,517 $713,621 

Preferred StockClass A Common StockClass B Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
SharesAmountSharesAmountSharesAmount
Balance at January 1, 2022200,000 $2 30,402,706 $304  $ $1,421,592 $193,860 $(6,922)$1,608,836 
Total comprehensive income (loss), net of tax— — — — — — — 27,386 (219,005)(191,619)
Dividends on preferred stock— — — — — — — (2,688)— (2,688)
Issuance of stock, net— — 1,221,217 12 — — 131,505 — — 131,517 
Stock-based compensation— — — — — — 729 — — 729 
Exercise of stock options, net of shares withheld for employee taxes— — 1,840 — — — 30 — — 30 
Issuance of share-based awards, net of shares withheld for employee taxes— — 4,552 — — — (309)— — (309)
Balance at March 31, 2022200,000 $2 31,630,315 $316  $ $1,553,547 $218,558 $(225,927)$1,546,496 
See accompanying notes to unaudited consolidated financial statements
5

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended March 31,
 20222021
Cash flows from operating activities
Net income$27,386 $12,710 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization815 644 
Amortization of securities premiums and discounts, net40,503 1,212 
Amortization of loan premiums and discounts and deferred loan origination fees and costs, net(253)250 
Stock-based compensation729 290 
Reversal of provision for loan losses(2,474) 
Originations of loans held-for-sale(2,972,952)(3,384,431)
Proceeds from sales of loans held-for-sale2,951,944 3,353,164 
Other gains, net(430)(1,141)
Other, net675 891 
Changes in operating assets and liabilities:
Accrued interest receivable and other assets15,480 (4,119)
Accrued expenses and other liabilities(47,782)469 
Net cash provided by (used in) operating activities13,641 (20,061)
Cash flows from investing activities
Purchases of securities available-for-sale(3,303,782)(817,734)
Proceeds from sale of securities available-for-sale432,059  
Proceeds from paydowns and maturities of securities available-for-sale131,521 21,403 
Purchases of securities held-to-maturity(1,249,507) 
Proceeds from paydowns and maturities of securities held-to-maturity26,665  
Loan originations/purchases and payments, net(20,405)18,112 
Proceeds from sale of loans, net149,070  
Purchase of federal home loan and federal reserve bank stock, net(27,708) 
Purchase of premises and equipment(274)(32)
Payments to acquire intangible assets(58,403) 
Proceeds from (payments for) derivative contracts, net2,176 (8,439)
Net cash used in investing activities(3,918,588)(786,690)
Cash flows from financing activities
Net change in noninterest bearing deposits(889,937)1,755,702 
Net change in interest bearing deposits(4,529)(1,357)
Net change in federal home loan bank advances800,000  
Proceeds from common stock issuance, net(57)423,540 
Payments of preferred stock dividends(2,688) 
Proceeds from stock option exercise30 261 
Taxes paid related to net share settlement of equity awards(309)(1,960)
Net cash (used in) provided by financing activities(97,490)2,176,186 
Net (decrease) increase in cash and cash equivalents(4,002,437)1,369,435 
Cash and cash equivalents, beginning of period5,387,946 2,962,087 
Cash and cash equivalents, end of period$1,385,509 $4,331,522 
Supplemental cash flow information:
Cash paid for interest$454 $444 
Income taxes paid (refunded), net146 (6)
Supplemental noncash disclosures:
Transfers of securities from available-for-sale to held-to-maturity$1,534,713 $ 
Common stock issued in exchange for assets acquired131,574  
Loans held-for-investment transferred to loans held-for-sale22,938  
See accompanying notes to unaudited consolidated financial statements
6

SILVERGATE CAPITAL CORPORATION
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1—Nature of Business and Summary of Significant Accounting Policies
Nature of Business
The accompanying consolidated financial statements include the accounts of Silvergate Capital Corporation, a Maryland corporation, and its wholly-owned subsidiary, Silvergate Bank (the “Bank”), collectively referred to as (the “Company” or “Silvergate”).
The Company’s assets consist primarily of its investment in the Bank and its primary activities are conducted through the Bank. The Company is a registered bank holding company that is subject to supervision by the Board of Governors of the Federal Reserve (“Federal Reserve”). The Bank is subject to regulation by the California Department of Financial Protection and Innovation, Division of Financial Institutions (“DFPI”), and, as a Federal Reserve member bank since 2012, the Federal Reserve Bank of San Francisco (“FRB”). The Bank’s deposits are insured up to legal limits by the Federal Deposit Insurance Corporation (“FDIC”).
Financial Statement Preparation and Presentation
The accompanying interim consolidated financial statements have been prepared by the Company, without an audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”).
In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the Company’s consolidated financial statements. These consolidated statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K dated February 28, 2022. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
The consolidated financial statements include the accounts of the Company and all other entities in which it has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its wholly owned subsidiaries. The accounting and reporting policies of the Company conform with GAAP and conform to predominant practices within the financial services industry.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates.
Recently Issued Accounting Pronouncements Not Yet Effective
In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (or “ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326) to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (or “CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held to maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. These amendments were initially effective for fiscal years beginning after December 15, 2019 for SEC registrants and after December 15, 2020, for Public Business Entities, or PBEs. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which finalized the delay of the effective date for smaller reporting companies, as of the ASU 2019-10 effective date, such as the Company to apply the standards related to CECL, until fiscal years beginning after December 15, 2022. For debt securities with other than temporary impairment (OTTI), the guidance will be applied prospectively. The new methodology replaces the other-than-temporary impairment model and requires the recognition of an allowance for reductions in a security’s fair value attributable to declines in credit quality, instead of a direct write-down of the security when a valuation decline is determined to be other-than-temporary. Existing purchased credit impaired (PCI) assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption. The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. For all other assets with the scope of CECL, the cumulative effect adjustment will be recognized in retained earnings as of the
7

beginning of the first reporting period in which the guidance is effective. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. The amendment eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, while enhancing disclosure requirements for certain loan refinancings and restructuring by creditors when a borrow is experiencing financial difficulty. In addition, the update requires public business entities to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination. In relation to the loan portfolio, the Company formed a CECL implementation committee in 2018 which prepared a project plan to migrate towards the adoption date. As part of the project plan, the Company contracted a third-party vendor to assist in the application and analysis of ASU 2016-13 as well as a third party vendor to perform an independent model validation. As part of this process, the Company has determined preliminary loan pool segmentation under CECL, as well as evaluated the key economic loss drivers for each segment. The Company operationalized an initial CECL model during the second quarter of 2019 and is running this preliminary CECL model alongside the existing incurred loss methodology. The Company intends to continue to refine and run the model until the expected adoption date on January 1, 2023. The Company continues to evaluate the effects of ASU 2016-13 on its financial statements and disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (or “ASU 2020-04”), which provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the London Interbank Offered Rate (or “LIBOR”) or other interbank offered rate (reference rates) on financial reporting. On March 5, 2021, the U.K. Financial Conduct Authority, the regulatory supervisor for ICE Benchmark Administration, the administrator of LIBOR, announced that the overnight and one, three, six and twelve month USD LIBOR will be discontinued on June 30, 2023. It was originally expected that LIBOR would be discontinued by the end of 2021. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. The expedients and exceptions in this update are available to all entities starting March 12, 2020 through December 31, 2022. In January 2020, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which clarifies the scope of Topic 848 to include derivative instruments impacted by discounting transition. The Company has created a subcommittee of the Asset Liability Management Committee to address the LIBOR transition and phase-out issues. The Company has identified its LIBOR-based contracts that will be impacted by the transition away from of LIBOR, and is incorporating fallback language in negotiated contracts and incorporating non-LIBOR reference rate and/or fallback language in new contracts to prepare for these changes. The Company is evaluating the impact that ASU 2020-04 will have on those financial assets where LIBOR is used as an index rate.
In March 2022, the SEC released Staff Accounting Bulletin No. 121 (“SAB 121”), which provided interpretive guidance regarding accounting for obligations to safeguard crypto-assets an entity holds for platform users. The interpretive guidance requires an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets held for its platform users, along with a corresponding asset, both of which are measured at fair value. SAB 121 also requires disclosure of the nature and amount of crypto assets being safeguarded, how the fair value is determined, an entity’s accounting policy for safeguarding liabilities and corresponding assets and may require other information about risks and uncertainties arising from the entity’s safeguarding activities. SAB 121 is effective no later than the first interim or annual period ending after June 15, 2022, with retrospective application as of the beginning of the fiscal year. The Company is evaluating the impact that SAB 121 will have on its financial statements and disclosures.
Except for the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to the Company’s consolidated financial statements.
8

Note 2—Securities
The following tables summarize the amortized cost, fair value of securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income and gross unrecognized gains and losses of available-for-sale and securities held-to-maturity at the dates indicated are as follows:
March 31, 2022
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (Dollars in thousands)
Available-for-sale securities
U.S. Treasuries$34,889 $ $(165)$34,724 
U.S. agency securities - excluding mortgage-backed securities1,548,367 7,627 (7,333)1,548,661 
Residential mortgage-backed securities:
Government agency mortgage-backed securities1,781,961 62 (30,103)1,751,920 
Government agency collateralized mortgage obligation1,385,198 1 (27,850)1,357,349 
Private-label collateralized mortgage obligation1,342 12 (14)1,340 
Commercial mortgage-backed securities:
Government agency mortgage-backed securities1,338,333 2,360 (9,283)1,331,410 
Government agency collateralized mortgage obligation70,839  (60)70,779 
Private-label collateralized mortgage obligation492,565  (11,651)480,914 
Municipal bonds:
Tax-exempt2,900,600 65 (236,505)2,664,160 
Asset backed securities:
Government sponsored student loan pools226,738  (4,501)222,237 
Total available-for-sale$9,780,832 $10,127 $(327,465)$9,463,494 
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(Dollars in thousands)
Held-to-maturity securities
U.S. Treasuries$1,245,293 $ $(42,488)$1,202,805 
Residential mortgage-backed securities:
Government agency mortgage-backed securities547,423  (34,896)512,527 
Government agency collateralized mortgage obligation113,921  (7,192)106,729 
Commercial mortgage-backed securities:
Government agency collateralized mortgage obligation53,408  (5,179)48,229 
Municipal bonds:
Tax-exempt393,965  (44,265)349,700 
Taxable397,615  (38,629)358,986 
Total held-to-maturity$2,751,625 $ $(172,649)$2,578,976 
9

December 31, 2021
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (Dollars in thousands)
Available-for-sale securities
U.S. agency securities - excluding mortgage-backed securities$1,177,452 $7,320 $(6,005)$1,178,767 
Residential mortgage-backed securities:
Government agency mortgage-backed securities1,428,365 130 (14,378)1,414,117 
Government agency collateralized mortgage obligation1,659,125 1,617 (15,739)1,645,003 
Private-label collateralized mortgage obligation1,425 19 (11)1,433 
Commercial mortgage-backed securities:
Government agency mortgage-backed securities1,106,680 1,886 (4,962)1,103,604 
Government agency collateralized mortgage obligation212,266 19 (1,370)210,915 
Private-label collateralized mortgage obligation144,204 227 (797)143,634 
Municipal bonds:
Tax-exempt2,272,794 33,153 (8,210)2,297,737 
Taxable403,279 341 (6,016)397,604 
Asset backed securities:
Government sponsored student loan pools233,374 97 (1,026)232,445 
Total available-for-sale$8,638,964 $44,809 $(58,514)$8,625,259 
During the three months ended March 31, 2022, the Company transferred, at fair value, $1.5 billion of residential mortgage-backed securities, commercial mortgage-backed securities, and municipal bonds from available-for-sale to held-to-maturity securities. The decision to re-designate the securities was based on the Company’s ability and intent to hold these securities to maturity. Factors used in assessing the ability to hold these securities to maturity were future liquidity needs and sources of funding. The related net unrealized after-tax loss of $14.1 million remained in accumulated other comprehensive income and will be amortized as a yield adjustment through earnings over the remaining life of the securities, offsetting the related net amortization of premium on the transferred securities. No gain or loss was recognized at the time of the transfer.
Securities pledged for borrowings or for other purposes as required or permitted by law had a fair value of $1.2 billion as of March 31, 2022. There were no securities pledged as of December 31, 2021.
At March 31, 2022, the total fair value of securities issued by one individual issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity was $275.3 million.
10

Securities with unrealized and unrecognized losses as of the dates indicated, aggregated by investment category and length of time that individual securities have been in a continuous unrealized or unrecognized loss position, are as follows:
March 31, 2022
 Less than 12 Months12 Months or MoreTotal
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
 (Dollars in thousands)
Available-for-sale securities
U.S. Treasuries$34,724 $(165)$ $ $34,724 $(165)
U.S. agency securities - excluding mortgage-backed securities781,759 (7,101)12,977 (232)794,736 (7,333)
Residential mortgage-backed securities:
Government agency mortgage-backed securities1,725,830 (30,102)68 (1)1,725,898 (30,103)
Government agency collateralized mortgage obligation1,155,505 (24,377)199,890 (3,473)1,355,395 (27,850)
Private-label collateralized mortgage obligation199 (3)421 (11)620 (14)
Commercial mortgage-backed securities:
Government agency mortgage-backed securities