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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024

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: 001-36682
VERITEX HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Texas 27-0973566
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
   
8214 Westchester Drive, Suite 800  
Dallas,Texas 75225
(Address of principal executive offices) (Zip code)
(972)349-6200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01VBTXNasdaq Global 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 (§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. (Check one):
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 

As of May 3, 2024, there were 54,525,408 outstanding shares of the registrant’s common stock, par value $0.01 per share.





VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Page































2




Glossary of Acronyms, Abbreviations, and Terms
The acronyms, abbreviations, and terms listed below are used in various sections of this Form 10-Q, including “Part I, Item 1. Financial Statements” and “Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."

ACLAllowance for Credit LossGreenGreen Bank
AFSAvailable-For-SaleHTMHeld-To-Maturity
AMLAnti-Money LaunderingIRAInflation Reduction Act of 2022
AMLAAnti-Money Laundering Act of 2020LHFSLoans Held for Sale
AOCIAccumulated Other Comprehensive IncomeLHILoans Held for Investment
APICAdditional Paid-In CapitalLIBORLondon Interbank Offered Rate
ASCAccounting Standards CodificationLowerLower Holding Company
ASUAccounting Standard UpdateM&AMergers and acquisitions
BOLIBank-Owned Life InsuranceMBSMortgage-backed Securities
BoardBoard of Directors of Veritex Holdings, Inc.MWMortgage Warehouse
BTFPBank Term Funding ProgramNACNorth Avenue Capital, LLC
CBLRCommunity Bank Leverage Ratio NOOCRENon-owner Occupied CRE
CDCertificates of DepositNPVNet Present Value
CECLCurrent Expected Credit LossesOBSOff-Balance Sheet
CET1Common Equity Tier 1OOCREOwner Occupied CRE
CMOCollateralized Mortgage ObligationOREOOther Real Estate Owned
CRACommunity Reinvestment ActPCAPrompt Corrective Action
CRECommercial Real EstatePCDPurchased Credit Deteriorated
DCFDiscounted Cash FlowPSUPerformance-based Restricted stock units
DFWDallas-Fort WorthRBCRisk-Based Capital
DIFDeposit Insurance FundRSURestricted stock units
EPSEarnings Per ShareRWARisk-Weighted Assets
Exchange ActSecurities Exchange Act of 1934, as amendedSarbanes-Oxley ActSarbanes-Oxley Act of 2002
FASBFinancial Accounting Standards BoardSBAU. S. Small Business Administration
FDICFederal Deposit Insurance CorporationSECSecurities and Exchange Commission
Federal ReserveThe Federal Reserve SystemSOFRSecured Overnight Financing Rate
FHLBFederal Home Loan BankTDBTexas Department of Banking
FRBFederal Reserve Bank of DallasThriveThrive Mortgage, LLC
GAAPGenerally Accepted Accounting Principles in the United States of AmericaUSDAUnited States Department of Agriculture
3




PART I. FINANCIAL INFORMATION 

Item 1. Financial Statements
4


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
as of March 31, 2024 and December 31, 2023
(Dollars in thousands, except par value and share information) 
March 31,December 31,
20242023
(Unaudited)
ASSETS
Cash and due from banks$41,884 $58,914 
Interest bearing deposits in other banks698,885 570,149 
Total cash and cash equivalents740,769 629,063 
Debt securities AFS, at fair value1,166,268 1,076,639 
Debt securities HTM (fair value of $155,741 and $160,021, at March 31, 2024 and December 31, 2023, respectively)
178,662 180,403 
Equity securities21,676 21,521 
Investment in unconsolidated subsidiaries1,018 1,018 
FHLB Stock and FRB Stock54,094 53,699 
Total investments1,421,718 1,333,280 
LHFS64,762 79,072 
LHI, MW449,531 377,796 
LHI, excluding MW 9,249,551 9,206,544 
Less: ACL(112,032)(109,816)
Total LHI, net9,587,050 9,474,524 
BOLI85,359 84,833 
Premises and equipment, net105,299 105,727 
OREO18,445  
Intangible assets, net of accumulated amortization38,679 41,753 
Goodwill404,452 404,452 
Other assets241,863 241,633 
Total assets$12,708,396 $12,394,337 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Deposits:  
Noninterest-bearing deposits$2,349,211 $2,218,036 
Interest-bearing transaction and savings deposits4,220,114 4,348,385 
Certificates and other time deposits3,486,805 3,191,737 
Correspondent money market deposits597,690 580,037 
Total deposits10,653,820 10,338,195 
Accounts payable and other liabilities186,027 195,036 
Advances from FHLB100,000 100,000 
Subordinated debentures and subordinated notes230,034 229,783 
Total liabilities11,169,881 10,863,014 
Stockholders’ equity:  
Common stock, $0.01 par value:
Authorized shares - 75,000,000
Issued shares - 61,134,055 and 60,976,462 at March 31, 2024 and December 31, 2023, respectively
611 610 
APIC1,319,144 1,317,516 
Retained earnings457,499 444,242 
 AOCI(71,157)(63,463)
Treasury stock, 6,638,094 and 6,638,094 shares, at cost, at March 31, 2024 and December 31, 2023, respectively
(167,582)(167,582)
Total stockholders’ equity1,538,515 1,531,323 
Total liabilities and stockholders’ equity$12,708,396 $12,394,337 

See accompanying Notes to Consolidated Financial Statements.
5


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
For the Three Months Ended March 31, 2024 and 2023
(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
20242023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans$161,942 $151,707 
Debt securities13,695 10,988 
Deposits in financial institutions and Federal Funds sold8,050 5,534 
Equity securities and other investments900 1,408 
Total interest and dividend income184,587 169,637 
INTEREST EXPENSE
Transaction and savings deposits46,784 29,857 
Certificates and other time deposits40,492 20,967 
Advances from FHLB1,391 12,358 
Subordinated debentures and subordinated notes3,114 3,066 
Total interest expense91,781 66,248 
NET INTEREST INCOME92,806 103,389 
Provision for credit losses7,500 9,385 
(Benefit) provision for credit losses on unfunded commitments(1,541)1,497 
Net interest income after provision (benefit) for credit losses86,847 92,507 
NONINTEREST INCOME
Service charges and fees on deposit accounts4,896 5,017 
Loan fees2,510 2,064 
Loss on sales of debt securities(6,304)(5,321)
Government guaranteed loan income, net2,614 9,688 
Equity method investment loss (1,521)
Customer swap income408 217 
Other2,538 3,387 
Total noninterest income6,662 13,531 
NONINTEREST EXPENSE
Salaries and employee benefits33,365 31,865 
Occupancy and equipment4,677 4,973 
Professional and regulatory fees6,053 4,389 
Data processing and software expense4,856 4,720 
Marketing1,546 1,779 
Amortization of intangibles2,438 2,495 
Telephone and communications261 478 
Other8,920 5,916 
Total noninterest expense62,116 56,615 
Income before income tax expense31,393 49,423 
Income tax expense7,237 11,012 
NET INCOME$24,156 $38,411 
Basic EPS$0.44 $0.71 
Diluted EPS$0.44 $0.70 
See accompanying Notes to Consolidated Financial Statements.
6


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
For the Three Months Ended March 31, 2024 and 2023
(Dollars in thousands)
Three Months Ended March 31,
20242023
NET INCOME$24,156 $38,411 
OTHER COMPREHENSIVE INCOME
Net unrealized (losses) gains on debt securities AFS:
Change in net unrealized (losses) gains on debt securities AFS during the period, net(10,421)2,547 
Amortization from transfer of debt securities from AFS to HTM2,925 3,622 
Reclassification adjustment for net losses included in net income6,304 5,321 
Net unrealized (losses) gains on debt securities AFS(1,192)11,490 
Net unrealized (losses) gains on derivative instruments designated as cash flow hedges(8,495)7,078 
Other comprehensive (loss) income, before tax(9,687)18,568 
Income tax (benefit) expense(1,993)3,673 
Other comprehensive (loss) income, net of tax(7,694)14,895 
COMPREHENSIVE INCOME$16,462 $53,306 

See accompanying Notes to Consolidated Financial Statements.


7


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) 
For the Three Months Ended March 31, 2024 and 2023
(Dollars in thousands, except share data)
Three Months Ended March 31, 2024
 Common StockTreasury StockAPICRetained
Earnings
AOCITotal 
 SharesAmountSharesAmount
Balance at December 31, 202354,338,368 $610 6,638,094 $(167,582)$1,317,516 $444,242 $(63,463)$1,531,323 
RSU vested, net of 69,034 shares withheld to cover taxes
157,593 1 — — (1,261)— — (1,260)
Stock based compensation— — — — 2,889 — 2,889 
Net income— — — — — 24,156 — 24,156 
Dividends paid— — — — — (10,899)— (10,899)
Other comprehensive loss— — — — — — (7,694)(7,694)
Balance at March 31, 202454,495,961 $611 6,638,094 $(167,582)$1,319,144 $457,499 $(71,157)$1,538,515 


Three Months Ended March 31, 2023
 Common StockTreasury StockAPICRetained
Earnings
AOCI 
 SharesAmountSharesAmountTotal
Balance at December 31, 202254,029,955 $607 6,638,094 $(167,582)$1,306,852 $379,299 $(69,403)$1,449,773 
RSUs vested, net of 71,465 shares withheld to cover taxes
161,081 2 — — (1,928)— — (1,926)
Exercise of employee stock options, net of 121 and 9,729 shares withheld to cover taxes and exercise, respectively
37,997 — — — 534 — — 534 
Stock based compensation— — — — 2,887 — — 2,887 
Net income— — — — — 38,411 — 38,411 
Dividends paid— — — — — (10,837)— (10,837)
Other comprehensive loss— — — — — — 14,895 14,895 
Balance at March 31, 202354,229,033 $609 6,638,094 $(167,582)$1,308,345 $406,873 $(54,508)$1,493,737 

See accompanying Notes to Consolidated Financial Statements.


8


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
For the Three Months Ended March 31, 2024 and 2023
(Dollars in thousands)

 For the Three Months Ended March 31,
 20242023
Cash flows from operating activities:
Net income$24,156 $38,411 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and intangibles5,127 4,764 
Net (accretion) amortization of time deposit premium, debt discount and debt issuance costs(843)240 
Provision for credit losses and unfunded commitments5,959 10,882 
Accretion of loan discount(422)(1,014)
Stock-based compensation expense2,889 2,887 
Excess tax expense from stock compensation384 112 
Net amortization of premiums on debt securities1,191 885 
Unrealized loss (gain) on equity securities recognized in earnings105 (126)
Change in cash surrender value and mortality rates of BOLI(526)(466)
Loss on sales of debt securities6,304 5,321 
Change in fair value of government guaranteed loans using fair value option49 (2,239)
Gain on sales of mortgage LHFS(10)(6)
Gain on sales of government guaranteed loans(3,211)(7,449)
Servicing asset recoveries, net (222)(424)
Originations of LHFS(7,842)(25,136)
Proceeds from sales of LHFS24,148 5,520 
Equity method investment loss 1,521 
Decrease (increase) in other assets4,845 (3,119)
(Decrease) increase in accounts payable and other liabilities(17,812)3,975 
Net cash provided by operating activities44,269 34,539 
Cash flows from investing activities:  
Purchases of AFS debt securities(229,936)(149,982)
Proceeds from sales of AFS debt securities113,794 109,793 
Proceeds from maturities, calls and pay downs of AFS debt securities18,201 175,289 
Maturity, calls and paydowns of HTM debt securities1,366 800 
Purchases of other investments(655)(15,045)
Net loans originated(153,534)(134,513)
Proceeds from sale of government guaranteed loans14,409 (52,868)
Net (disposals) additions to premises and equipment(768)18 
Net cash used in investing activities(237,123)(66,508)
Cash flows from financing activities:  
Net increase (decrease) in deposits316,719 (88,484)
Net increase in advances from FHLB 505,000 
Payments to tax authorities for stock-based compensation(1,260)(1,926)
Proceeds from exercise of employee stock options 534 
Dividends paid(10,899)(10,837)
Net cash provided by financing activities304,560 404,287 
Net increase in cash and cash equivalents111,706 372,318 
Cash and cash equivalents at beginning of period629,063 436,077 
Cash and cash equivalents at end of period$740,769 $808,395 
See accompanying Notes to Consolidated Financial Statements.
9


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Dollars in thousands, except for per share amounts) 

1. Operations and Summary of Significant Accounting Policies
Organization and Nature of Business
In this report, the words “Veritex,” “the Company,” “we,” “us,” and “our” refer to the combined entities of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank. The word “Holdco” refers to Veritex Holdings, Inc. The word “the Bank” refers to Veritex Community Bank.
Veritex is a Texas state banking organization, with corporate offices in Dallas, Texas, and currently operates 19 branches located in the Dallas-Fort Worth metroplex and 11 branches in the Houston metropolitan area. As of this filing, one branch in the Dallas-Fort Worth metroplex was opened after first quarter end 2024. The Bank provides a full range of banking services, including commercial and retail lending and the acceptance of checking and savings deposits, to individual and corporate customers. The TDB and the Board of Governors of the Federal Reserve are the primary regulators of the Company and the Bank, and both regulatory agencies perform periodic examinations to ensure regulatory compliance.
Basis of Presentation
The accompanying unaudited consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including the Bank.

The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP, but do not include all of the information and footnotes required for complete financial statements. Intercompany transactions and balances are eliminated in consolidation. In management’s opinion, these unaudited consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023, consolidated statements of income, consolidated statements of comprehensive income (loss) and consolidated changes in stockholders’ equity for the three months ended March 31, 2024 and 2023 and consolidated statements of cash flows for the three months ended March 31, 2024 and 2023.

Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown herein are not necessarily indicative of results to be expected for the full year due in part to global economic and financial market conditions, interest rates, access to sources of liquidity, market competition and interruptions of business processes. These unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Quarterly Reports on Form 10-Q adopted by the SEC. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2024.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

10


EPS
EPS is based upon the weighted average shares outstanding. The table below sets forth the reconciliation between weighted average shares used for calculating basic and diluted EPS for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
Numerator:
Net income$24,156 $38,411 
Denominator:
Weighted average shares outstanding for basic EPS54,444 54,149 
Dilutive effect of employee stock-based awards398 457 
Adjusted weighted average shares outstanding54,842 54,606 
EPS:
Basic$0.44 $0.71 
Diluted$0.44 $0.70 
Antidilutive shares1,127 834 
For the three months ended March 31, 2024, there were 1,127 antidilutive shares excluded from the diluted EPS weighted average shares outstanding, 514 relating to RSUs and 613 relating to stock options.

For the three months ended March 31, 2023, there were 834 antidilutive shares excluded from the diluted EPS weighted average shares outstanding, 440 related to RSUs and 214 related to stock options.

Cost Method Accounting

The Company follows ASC 325-20, Cost Method Investments, to account for its ownership interest in noncontrolled entities. Under ASC 325-20, equity securities that do not have readily determinable fair values (i.e., non-marketable equity securities) and are not required to be accounted for under the equity method are typically carried at cost (i.e., cost method investments). Investments of this nature are initially recorded at cost. Income is recorded for dividends received that are distributed from net accumulated earnings of the noncontrolled entity subsequent to the date of investment. Dividends received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions in the cost of the investment. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred.

Recent Accounting Pronouncements

ASU 2024-01, “Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” (“ASU 2024-01”) clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective January 1, 2025, including interim periods, and is not expected to have a significant impact on our financial statements.

ASU 2024-02 “Codification Improvements” (“ASU 2024-02”) amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements.

11



2. Supplemental Statement of Cash Flows
Other supplemental cash flow information is presented below:

 Three Months Ended March 31,
 20242023
(in thousands)
Supplemental Disclosures of Cash Flow Information:  
Cash paid for interest$98,354 $54,189 
Cash paid for income taxes  

3. Securities
Equity Securities With a Readily Determinable Fair Value
The Company held equity securities with a fair value of $9,792 and $9,897 at March 31, 2024 and December 31, 2023, respectively. The Company did not realize a loss on equity securities with a readily determinable fair value during the three months ended March 31, 2024 or 2023. The gross unrealized loss recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s consolidated statements of income were as follows:
Three Months Ended March 31,
20242023
Unrealized (loss) gain recognized on equity securities with a readily determinable fair value$(105)$126 
Equity Securities Without a Readily Determinable Fair Value
The Company held equity securities without a readily determinable fair value and measured at aggregate cost of $38,194 and $11,624 as of March 31, 2024 and December 31, 2023, respectively.
Securities Purchased Under Agreements to Resell
We held no securities purchased under agreements to resell and we recognized no interest income on securities purchased under agreements to resell during the three months ended March 31, 2024 or 2023. Securities purchased under agreements to resell typically mature 30 days from the settlement date, qualify as a secured borrowing and are measured at amortized cost.
Debt Securities
Debt securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, ACL and the fair value of AFS and HTM debt securities are as follows:
12


 March 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesACLFair Value
AFS
Corporate bonds$262,526 $1,198 $26,431 $ $237,293 
Municipal securities14,272  3,357  10,915 
MBS199,632 3,361 14,686  188,307 
CMO574,622 3,520 47,263  530,879 
Asset-backed securities122,078 732 2,549  120,261 
Collateralized loan obligations78,672 14 73  78,613 
 $1,251,802 $8,825 $94,359 $ $1,166,268 
Amortized CostGross Unrealized GainsGross Unrealized LossesACLFair Value
HTM
MBS$33,154 $ $6,719 $ $26,435 
CMO33,586  4,927  28,659 
Municipal securities111,922 7 11,282  100,647 
$178,662 $7 $22,928 $ $155,741 

 December 31, 2023
 Amortized CostGross Unrealized GainsGross Unrealized LossesACLFair Value
AFS
Corporate bonds$244,652 $1,034 $29,566 $ $216,120 
Municipal securities46,631 108 3,258  43,481 
MBS194,486 4,430 13,465  185,451 
CMO563,421 4,634 46,999  521,056 
Asset-backed securities47,738 1,045 2,130  46,653 
Collateralized loan obligations64,250  372  63,878 
 $1,161,178 $11,251 $95,790 $ $1,076,639 
Amortized CostGross Unrealized GainsGross Unrealized LossesACLFair Value
HTM
MBS$33,716 $ $6,037 $ $27,679 
CMO34,483  4,567  29,916 
Municipal securities112,204 86 9,864  102,426 
$180,403 $86 $20,468 $ $160,021 
MBS are commercial MBS, secured by commercial properties, and residential MBS, generally secured by single-family residential properties. All MBS included in the table above were issued by U.S. government agencies or corporations.
The Company elected to transfer 25 AFS debt securities with an aggregate fair value of $117,001 to a classification of HTM debt securities on January 1, 2022. In accordance with FASB ASC 320-10-35-10, the transfer from AFS to HTM was recorded at the fair value of the AFS debt securities at the time of transfer. The net unrealized holding gain retained in AOCI for securities transferred from AFS to HTM was $2,925 and $3,122 at March 31, 2024 and December 31, 2023, respectively.
13


The following tables disclose the Company’s debt securities in an unrealized loss position, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:
 March 31, 2024
 Less Than 12 Months12 Months or MoreTotals
 Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
AFS
Corporate bonds$53,376 $5,297 $164,604 $21,134 $217,980 $26,431 
Municipal securities10,915 3,357   10,915 3,357 
MBS  87,805 14,686 87,805 14,686 
CMO61,680 1,066 339,830 46,197 401,510 47,263 
Asset-backed securities64,037 1,999 6,250 550 70,287 2,549 
Collateralized loan obligations  33,177 73 33,177 73 
 $190,008 $11,719 $631,666 $82,640 $821,674 $94,359 
HTM
MBS$ $ $26,435 $6,719 $26,435 $6,719 
CMO  28,659 4,927 28,659 4,927 
Municipal securities100,109 11,275   100,109 11,275 
 $100,109 $11,275 $55,094 $11,646 $155,203 $22,921 
 December 31, 2023
 Less Than 12 Months12 Months or MoreTotals
 Fair
Value
Unrealized LossFair
Value
Unrealized LossFair
Value