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Borrowing Arrangements

3 Months Ended

Mar. 31, 2024

Banking and Thrift, Other Disclosure [Abstract]

Borrowing Arrangements

Borrowing Arrangements

Lines of Credit - The Company had unsecured lines of credit with its correspondent banks which, in the aggregate, amounted to $110,000,000 at March 31, 2024 and December 31, 2023, respectively, at interest rates which vary with market conditions. As of March 31, 2024 and December 31, 2023, the Company had no advances with correspondent banks.

Federal Home Loan Bank Advances - As of March 31, 2024, the Company had a $22,000,000 Federal Home Loan Bank (“FHLB”) of San Francisco advance with an interest rate of 5.60%, as compared to a $35,000,000 advance with an interest rate of 5.70% at December 31, 2023. Approximately $623,375,000 in loans were pledged under a blanket lien as collateral to the FHLB for the Company’s remaining borrowing capacity of $342,668,000 as of March 31, 2024. FHLB advances are also secured by investment securities with amortized costs totaling $22,385,000 and $22,315,000 and market values totaling $29,822,000 and $29,727,000 at March 31, 2024 and December 31, 2023, respectively.  The Company’s credit limit varies according to the amount and composition of the investment and loan portfolios pledged as collateral. The advances as of March 31, 2024 and December 31, 2023 were overnight advances maturing the following business day.

Federal Reserve Line of Credit and Bank Term Funding Program - The Company has a line of credit in the amount of $4,069,000 and $4,448,000 with the Federal Reserve Bank of San Francisco (FRB) at March 31, 2024 and December 31, 2023, respectively, which bears interest at the prevailing discount rate collateralized by investment securities with amortized costs totaling $4,820,000 and $4,894,000 and market values totaling $4,230,000 and $4,374,000, respectively.  The Company participated in the Bank Term Funding Program (BTFP) which offered loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging any collateral eligible for purchase by the Federal Reserve Banks in open market operations such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. New loan activity under this program ended March 11, 2024.

At March 31, 2024 and December 31, 2023, the Company had $45,000,000 as short-term loans outstanding with the FRB under the Bank Term Funding Program at an interest rate of 4.81%. As of March 31, 2024 and December 31, 2023 the Company had $45,171,000 and $46,174,000, respectively, in securities pledged to the program.

The following table reflects the Company’s credit lines, balances outstanding, and pledged collateral at March 31, 2024 and December 31, 2023:

Credit Lines (In thousands)						March 31, 2024						December 31, 2023
Unsecured Credit Lines
Credit limit						$	110,000					$	110,000
Balance outstanding						$	—					$	—
Federal Home Loan Bank
Credit limit						$	342,668					$	342,483
Balance outstanding						$	22,000					$	35,000
Collateral pledged						$	645,760					$	612,702
Fair value of collateral						$	533,790					$	500,972
Federal Reserve Bank Term Loan Funding Program
Credit limit						$	—					$	46,174
Balance outstanding						$	45,000					$	45,000
Collateral pledged						$	47,975					$	53,650
Fair value of collateral						$	43,858					$	47,603
Federal Reserve Bank
Credit limit						$	4,069					$	4,448
Balance outstanding						$	—					$	—
Collateral pledged						$	4,820					$	4,894
Fair value of collateral						$	4,230					$	4,374

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- References

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X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480876/942-470-45-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

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