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Long-Term Debt and FHLB Stock | 3 Months Ended
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Mar. 31, 2023
Long-Term Debt and FHLB Stock |
Long-Term Debt and FHLB Stock | 7. Long-Term Debt and FHLB Stock FHLB Borrowings and Stock The Bank is a member of the FHLB. At March 31, 2023 and December 31, 2022, the Bank had access to a preapproved secured line of credit with the FHLB of $675,466 and $667,905, respectively. Borrowings under this line require collateralization through the pledge of specific loans and securities. At March 31, 2023 and December 31, 2022, the Bank had pledged assets of $202,035 and $195,455, respectively. The Company had no outstanding overnight line of credit balances with the FHLB at either March 31, 2023 or December 31, 2022. These borrowings would mature the following business day. ​ The outstanding principal amounts and the related terms and rates at March 31, 2023 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term |  | Principal |  | Maturity |  | Rate |  | ​ | Due in one year |  | Long term
Fixed short-term | ​ | ​ | 10,000 | ​ | April 3, 2023 | ​ | 4.72 | % | ​ | ​ | 10,000 | ​ | ​ | —
Fixed short-term | ​ | ​ | 10,000 | ​ | May 15, 2023 | ​ | 4.87 | % | ​ | ​ | 10,000 | ​ | ​ | —
Fixed medium-term | ​ | ​ | 722 | ​ | October 31, 2025 | ​ | 4.87 | % | ​ | ​ | — | ​ | ​ | 722
Fixed medium-term | ​ | ​ | 5,000 | ​ | November 3, 2025 | ​ | 4.87 | % | ​ | ​ | — | ​ | ​ | 5,000
Fixed medium-term | ​ | ​ | 728 | ​ | December 5, 2025 | ​ | 4.34 | % | ​ | ​ | — | ​ | ​ | 728
Fixed short-term | ​ | ​ | 10,000 | ​ | September 5, 2023 | ​ | 5.38 | % | ​ | ​ | 10,000 | ​ | ​ | —
Fixed medium-term | ​ | ​ | 20,000 | ​ | March 20, 2025 | ​ | 4.47 | % | ​ | ​ | — | ​ | ​ | 20,000
Fixed medium-term | ​ | ​ | 20,000 | ​ | March 21, 2024 | ​ | 5.18 | % | ​ | ​ | 20,000 | ​ | ​ | —
Fixed short-term | ​ | ​ | 10,000 | ​ | August 21, 2023 | ​ | 5.23 | % | ​ | ​ | 10,000 | ​ | ​ | —
Fixed short-term | ​ | ​ | 10,000 | ​ | October 23, 2023 | ​ | 5.23 | % | ​ | ​ | 10,000 | ​ | ​ | —
Fixed short-term | ​ | ​ | 10,000 | ​ | December 21, 2023 | ​ | 5.24 | % | ​ | ​ | 10,000 | ​ | ​ | —
Total | ​ | $ | 106,450 | ​ | Weighted Average Rate |  | 4.99 | % | ​ | $ | 80,000 | ​ | $ | 26,450
​ The Bank is required to maintain an investment in capital stock of the FHLB, as collateral, in an amount equal to a certain percentage of its outstanding debt. FHLB stock is considered restricted stock and is carried at cost. The Bank evaluates FHLB stock for impairment based on the ultimate recovery ability of the cost. No impairment was recognized at either March 31, 2023 or December 31, 2022. Subordinated Debt In addition to the Bank, the Company has one other wholly-owned subsidiary, RSB Capital Trust I (the “Trust”). In 2005, the Trust issued $5,000 of pooled trust preferred securities in a private placement and issued 155 shares of common stock at $1 par value per share, to the Company. The Trust, which has no independent assets or operations, was formed in 2005 for the sole purpose of issuing trust preferred securities and investing the proceeds thereof in an equivalent amount of junior subordinated debentures. The proceeds from the issuance of the trust preferred securities were down-streamed to the Bank and are currently considered Tier 1 capital for purposes of determining the Bank’s capital ratios. The duration of the Trust is 30 years. The subordinated debt securities of $5,155 are unsecured obligations of the Company and are subordinate and junior in right of payment to all present and future senior indebtedness of the Company. The Company has entered into a guarantee, which together with its obligations under the subordinated debt securities and the declaration of trust governing the Trust, including its obligations to pay costs, expenses, debts and liabilities, provides a full and unconditional guarantee of amounts on the capital securities. The subordinated debentures, which bear interest at three month LIBOR plus 2.00% (6.92% at March 31, 2023 and 6.69% at December 31, 2022) mature on May 23, 2035. After June 30, 2023, the three month LIBOR rate will be replaced by the three month CME term Secured Overnight Financing Rate (“SOFR”) as adjusted by adding 0.26%, the relevant spread adjustment. Other Borrowings The Bank has an unsecured, uncommitted $10,000 line of credit with Zions Bank. There were no advances outstanding under this line of credit at either March 31, 2023 or December 31, 2022. ​ The Bank also has an unsecured, uncommitted $50,000 line of credit with Pacific Coast Bankers Bank. There were no advances outstanding under this line of credit at either March 31, 2023 or December 31, 2022.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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