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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 9 Months Ended
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Sep. 30, 2017
Banking and Thrift [Abstract] |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS At September 30, 2017, $700.0 million of the Bank's advances from the FHLB were fixed-rate and had interest rates ranging from 1.15 percent to 3.00 percent with a weighted average interest rate of 1.45 percent, and $770.0 million of the Bank’s advances from the FHLB were variable-rate and had a weighted average interest rate of 1.14 percent. At December 31, 2016, $150.0 million of the Bank’s advances from the FHLB were fixed-rate and had interest rates ranging from 0.69 percent to 1.61 percent with a weighted average interest rate of 1.02 percent, and $340.0 million of the Bank’s advances from the FHLB were variable-rate and had a weighted average interest rate of 0.52 percent. Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty. At September 30, 2017 and December 31, 2016, the Bank’s advances from the FHLB were collateralized by certain real estate loans with an aggregate unpaid principal balance of $2.71 billion and $3.27 billion, respectively, and securities with carrying values of $416.1 million and $321.0 million, respectively. The Bank’s investment in capital stock of the FHLB of San Francisco totaled $40.2 million and $41.9 million at September 30, 2017 and December 31, 2016, respectively. Based on this collateral, the Bank's financing availability, and the Bank’s holdings of FHLB stock, the Bank was eligible to borrow an additional $918.2 million at September 30, 2017. The Bank maintained a line of credit of $124.7 million from the Federal Reserve Discount Window, to which the Bank pledged securities with a carrying value of $183.3 million with no outstanding borrowings at September 30, 2017. The Bank maintained available unsecured federal funds lines with correspondent banks totaling $210.0 million at September 30, 2017. The Bank also maintained repurchase agreements and had an outstanding amount of $36.5 million with a weighted average interest rate of 2.51 percent at September 30, 2017. The interest rates are fixed for the term of the agreements, with interest rates ranging from 2.33 percent to 2.78 percent. All outstanding repurchase agreements are short-term in nature with original maturities of 33 days or less. The Company did not have any outstanding securities sold under agreements to repurchase at December 31, 2016. These transactions are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The Company may have to provide additional collateral for the repurchase agreements, as necessary. The underlying collateral pledged for the repurchase agreements consists of collateralized loan obligations with a fair value of $46.3 million at September 30, 2017. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and pledging additional investment securities. On June 30, 2017, the Company voluntarily terminated a line of credit of $75.0 million that was maintained at the holding company level with an unaffiliated financial institution. The line had a maturity date of July 17, 2017 and a floating interest rate equal to a LIBOR rate plus 2.25 percent or a prime rate. The Company had $50.0 million of borrowings outstanding under the line, which were repaid in connection with the termination of the line. The proceeds of the line were used for working capital purposes.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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