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Borrowing Arrangements

9 Months Ended

Sep. 30, 2025

Debt 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 September 30, 2025 and December 31, 2024, respectively, at interest rates which vary with market conditions. As of September 30, 2025 and December 31, 2024, the Company had no advances outstanding with correspondent banks.

Federal Home Loan Bank Advances - As of September 30, 2025, the Company had an overnight borrowing for $20,000,000 with an interest rate of 4.49%. The Company had a short-term advance of $45,000,000 outstanding as of December 31, 2024, in addition to two long-term advances outstanding totaling $90,000,000 with a weighted average interest rate of 0.86%.

Approximately $1,197,335,000 in loans were pledged under a blanket lien as collateral to the FHLB for the Company’s remaining borrowing capacity of $737,721,000 as of September 30, 2025. FHLB advances are also secured by investment securities with a borrowing capacity totaling $156,316,000 and $153,139,000 and market values, as assigned by FHLB, totaling $197,654,000 and $193,424,000 at September 30, 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 $3,501,000 and $3,669,000 with the Federal Reserve Bank of San Francisco (FRB) at September 30, 2025 and December 31, 2024, respectively, which bears interest at the prevailing discount rate collateralized by investment securities with amortized costs totaling $4,044,000 and $4,406,000 and market values totaling $3,679,000 and $3,828,000, respectively.

The following table reflects the Company’s credit lines, balances outstanding, and pledged collateral at September 30, 2025 and December 31, 2024:

Credit Lines (In thousands)						September 30, 2025						December 31, 2024
Unsecured Credit Lines
Total credit limit						$	110,000					$	110,000
Balance outstanding						—						—
Federal Home Loan Bank
Total credit limit						784,721						738,556
Balance outstanding, net of discount						20,000						133,442
Letters of credit						27,000						27,000
Collateral pledged						1,408,418						1,236,732
Fair value of collateral						1,185,354						1,083,041
Federal Reserve Bank
Credit limit						3,501						3,669
Balance outstanding						—						—
Collateral pledged						4,044						4,406
Fair value of collateral						3,679						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

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

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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

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-Name Accounting Standards Codification
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