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Borrowings | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Borrowings | NOTE 11: BORROWINGS At December 31, 2017, our borrowings consisted of $628 million of overnight FHLB advances at the Bank and $50 million of borrowings under a company line of credit. At December 31, 2016, our borrowings consisted of $1.3 billion of overnight FHLB advances . These FHLB advances were paid in full in the early part of January 2018 and 2017, respectively, and bore interest rates of 1.41% and 0.56%, respectively. At December 31, 2017, the interest rate on the company line of credit was 4.83%. Because the Bank utilizes overnight borrowings, the balance of outstanding borrowings fluctuates on a daily basis. FHLB advances are collateralized by loans secured by multifamily and commercial real estate properties with a carrying value of $3.0 billion as of December 31, 2017. As a matter of practice, the Bank provides substantially all of its qualifying loans as collateral to the FHLB. The Bank’s total borrowing capacity from the FHLB at December 31, 2017 was $2.4 billion. In addition to the $628 million borrowing, the Bank had in place $168 million of letters of credit from the FHLB which are used to meet collateral requirements for borrowings from the State of California and local agencies. During 2017, FFI entered into a loan agreement with an unaffiliated lender that provides for a revolving line of credit for up to $50 million. The loan agreement matures in five years, with an option to extend the maturity date subject to certain conditions, and bears interest at 90 day LIBOR plus 350 basis points (3.50%). We are required to meet certain financial covenants during the term of the loan, including minimum capital levels and limits on classified assets The Company’s obligations under the loan agreement are secured by, among other things, a pledge of all of its equity in FFB. The Bank also has $120 million available unsecured fed funds lines, ranging in size from $20 million to $25 million, with 5 other financial institutions. None of these lines had outstanding borrowings as of December 31, 2017. Combined, the Bank’s unused lines of credit as of December 31, 2017 were $943.1 million. The average daily balance of borrowings outstanding during 2017 and 2016 was $519 million and $507 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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