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Borrowing Arrangements

3 Months Ended

Mar. 31, 2025

Banking and Thrift, Other Disclosure [Abstract]

Borrowing Arrangements

Note 7. 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 March 31, 2025 and December 31, 2024, at interest rates which vary with market conditions. As of March 31, 2025 and December 31, 2024, the Company had no advances outstanding with correspondent banks.

Federal Home Loan Bank Advances - As of March 31, 2025, 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%. Of the $90,000,000 in long-term advances outstanding as of March 31, 2025, $45,000,000 will mature in April 2025, with the remaining $45,000,000 to mature in June 2025. Approximately $1,104,959,000 in loans were pledged under a blanket lien as collateral to the FHLB for the Company’s remaining borrowing capacity of $589,261,000 as of March 31, 2025. FHLB advances are also secured by investment securities with amortized costs totaling $154,610,000 and $153,139,000 and fair values totaling $194,878,000 and $193,424,000 at March 31, 2025 and December 31, 2024, 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 - The Company has a line of credit through the discount window in the amount of $3,632,000 and $3,669,000 with the Federal Reserve Bank of San Francisco (“FRB”) at March 31, 2025 and December 31, 2024, respectively, which bears interest at the prevailing discount rate collateralized by investment securities with amortized costs totaling $4,270,000 and $4,406,000 and market values totaling $3,770,000 and $3,828,000, respectively. 

The following table reflects the Company’s credit lines, balances outstanding, and pledged collateral at March 31, 2025 and December 31, 2024:

Credit Lines (in thousands)						March 31, 2025						December 31, 2024
Unsecured Credit Lines
Total credit limit						$	110,000					$	110,000
Balance outstanding						—						—
Federal Home Loan Bank
Total credit limit						751,261						738,556
Balance outstanding, net of discount						134,377						133,442
Collateral pledged						1,682,393						1,236,732
Fair value of collateral						1,299,838						1,083,041
Federal Reserve Bank
Credit limit						3,632						3,669
Balance outstanding						—						—
Collateral pledged						4,270						4,406
Fair value of collateral						3,770						3,828

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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

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-Topic 942
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-Name Accounting Standards Codification
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