XML 26 R15.htm IDEA: XBRL DOCUMENT v3.24.3

Borrowing Arrangements

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowing Arrangements

Borrowing Arrangements

Lines of Credit - The Company has unsecured lines of credit available with its correspondent banks which, in the aggregate, amounted to $110,000,000 at September 30, 2024 and December 31, 2023, respectively, at interest rates which vary with market conditions. As of September 30, 2024 and December 31, 2023, the Company had no advances outstanding with correspondent banks.

Federal Home Loan Bank Advances - As of September 30, 2024, the Company had $90,000,000 Federal Home Loan Bank (“FHLB”) of San Francisco long-term advances outstanding with a weighted average interest rate of 0.86% and a $45,000,000 short-term advance outstanding with an interest rate of 4.52%, compared to no long-term advances outstanding and a $35,000,000 overnight borrowing advance outstanding with an interest rate of 5.70% at December 31, 2023. Of the $90,000,000 in long-term advances outstanding as of September 30, 2024, $45,000,000 will mature in April 2025, with the remaining $45,000,000 to mature in June 2025. Approximately $1,070,089,000 in loans were pledged under a blanket lien as collateral to the FHLB for the Company’s remaining borrowing capacity of $565,283,000 as of September 30, 2024. FHLB advances are also secured by investment securities with amortized costs totaling $157,351,000 and $22,315,000 and fair values totaling $199,974,000 and $29,727,000 at September 30, 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.

Federal Reserve Line of Credit and Bank Term Funding Program - The Company has a line of credit through the discount window in the amount of $3,958,000 and $4,448,000 with the Federal Reserve Bank of San Francisco (FRB) at September 30, 2024 and December 31, 2023, respectively, which bears interest at the prevailing discount rate collateralized by investment securities with amortized costs totaling $4,527,000 and $4,894,000 and market values totaling $4,112,000 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 December 31, 2023, the Company had $45,000,000 as a short-term loan with the FRB under the Bank Term Funding Program at an interest rate of 4.81%. The loan was repaid in the third quarter of 2024 and replaced with an FHLB short-term advance that matures in August 2025. As of December 31, 2023 the Company had $47,603,000 in securities fair value pledged to the program.

The following table reflects the Company’s credit lines, balances outstanding, and pledged collateral at September 30, 2024 and December 31, 2023:

Credit Lines (In thousands)						September 30, 2024						December 31, 2023
Unsecured Credit Lines
Total credit limit						$	110,000					$	110,000
Balance outstanding						—						—
Federal Home Loan Bank
Total credit limit						727,283						342,483
Balance outstanding, net of discount						132,508						35,000
Collateral pledged						1,227,440						612,702
Fair value of collateral						1,006,135						500,972
Federal Reserve Bank Term Loan Funding Program
Total credit limit						—						45,000
Balance outstanding						—						45,000
Collateral pledged						—						53,650
Fair value of collateral						—						47,603
Federal Reserve Bank
Credit limit						3,958						4,448
Balance outstanding						—						—
Collateral pledged						4,527						4,894
Fair value of collateral						$	4,112					$	4,374

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(3)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 2: 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/1943274/2147478878/942-470-45-1

Reference 3: 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/1943274/2147477734/942-470-50-3

Reference 4: 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

+ Details

Name:	us-gaap_FederalHomeLoanBankAdvancesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration