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Note 11 - Borrowing Arrangements
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 11 - BORROWING ARRANGEMENTS

 

We have established secured and unsecured lines of credit. We  may borrow funds from time to time on a term or overnight basis from the FHLB, the Federal Reserve Bank of San Francisco (“FRB”) and other financial institutions as indicated below.

 

FHLB Secured Line of Credit and Advances. At  December 31, 2024, the Bank had a secured borrowing capacity with the FHLB of $1.1 billion collateralized by pledged residential and commercial loans with a carrying value of $1.4 billion. At  December 31, 2024, we had no overnight advances and $200.0 million of term advances, of which $150 million had an original term of five years, a maturity date in the first quarter of 2025, and an average fixed rate of 1.18%. A putable advance of $50 million was executed on September 30, 2024 with a four year final maturity with a one-time option for the FHLB to call the debt after a one-year lock out period and prepayment symmetry at a rate of 3.42%. We recognized interest on FHLB advances of $2.2 million, $2.9 million, and $2.9 million for the years ended December 31, 2024, 2023 and 2022.

 

FRB Secured Line of Credit. At  December 31, 2024, the Bank had a secured borrowing capacity with the FRB of $47.2 million collateralized by pledged loans with a carrying value of $62.5 million.

 

Federal Funds Arrangements with Commercial Banks. At  December 31, 2024, the Company may borrow on an unsecured basis, up to $97.0 million from other financial institutions.

 

There were no amounts outstanding under any of the other borrowing arrangements above as of December 31, 2024, except the FHLB term advances totaling $200.0 million.