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Borrowings and Other Obligations
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Borrowings and Other Obligations Borrowings and Other Obligations
 
Federal Funds Purchased – The Bank had unsecured available lines of credit with correspondent banks for overnight borrowings totaling $150.0 million and $135.0 million at December 31, 2021 and 2020, respectively.  In general, interest rates on these lines approximate the federal funds target rate. We had no overnight borrowings under these credit facilities at December 31, 2021 and 2020.
 
Federal Home Loan Bank Borrowings – As of December 31, 2021 and 2020, the Bank had available lines of credit with the FHLB totaling $820.5 million and $642.5 million, respectively, based on eligible collateral of certain loans. There were no FHLB overnight borrowings at December 31, 2021 and 2020. As part of our acquisition of ARB, we assumed FHLB advances in the amount of $13.9 million that we early redeemed on August 25, 2021.

Federal Reserve Line of Credit – The Bank has an available line of credit with the FRBSF secured by certain residential loans.  At December 31, 2021 and 2020, the Bank had borrowing capacity under this line totaling $70.8 million and $78.7 million, respectively, and had no outstanding borrowings with the FRBSF.

Subordinated Debentures - As part of an acquisition in 2013, Bancorp assumed a subordinated debenture with a contractual balance of $4.1 million due to NorCal Community Bancorp Trust II (the "Trust"), established for the sole purpose of issuing trust preferred securities. On March 15, 2021, Bancorp redeemed in full the $2.8 million (book value) subordinated debenture due to the Trust, which had an effective rate of 5.7% for the twelve months ended December 31, 2020. The 251.5% effective rate for the twelve months ended December 31, 2021 included accelerated accretion of the $1.3 million remaining purchase discount due to the early redemption. Accretion on the subordinated debenture totaled $69 thousand and $68 thousand for the years ended December 31, 2020 and 2019, respectively.

Other Obligations - The Bank leases certain equipment under finance leases, which are included in borrowings and other obligations in the consolidated statements of condition. Refer to Note 12, Commitments and Contingencies, for additional information.

Borrowings and other obligations at and for the years ended December 31, 2021, 2020 and 2019 are summarized as follows:
202120202019
(dollars in thousands)Carrying ValueAverage BalanceAverage RateCarrying ValueAverage BalanceAverage RateCarrying ValueAverage BalanceAverage Rate
FHLB overnight borrowings$— $— — %$— $42 0.75 %$— $2,656 2.55 %
Other obligations (finance leases)$419 $250 0.71 %$58 $132 2.62 %$212 $279 2.85 %
FHLB fixed-rate advances 1
$— $642 1.18 %$— $— — %$— $— — %
Subordinated debenture$— $534 251.54 %$2,777 $2,741 5.68 %

$2,708 $2,673 8.44 %
1 Average balance and rate consider $13.9 million in FHLB borrowings acquired from ARB on August 6, 2021 and redeemed on August 25, 2021.