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Borrowings

12 Months Ended

Jun. 30, 2021

Borrowings

Borrowings

Note 8: Borrowings

​

Advances from the FHLB – San Francisco, which mature on various dates through 2025, are collateralized by pledges of certain real estate loans with an aggregate balance at June 30, 2021 and 2020 of $607.0 million and $658.7 million, respectively.  In addition, the Bank pledged investment securities totaling $1.6 million and $2.2 million to collateralize its FHLB – San Francisco advances under the Securities-Backed Credit (“SBC”) program at June 30, 2021 and 2020, respectively.  The Bank’s FHLB – San Francisco borrowing capacity, which is limited to 35% of total assets reported on the Bank’s quarterly Call Report, was approximately $416.2 million and $387.6 million at June 30, 2021 and 2020, respectively.  As of June 30, 2021 and 2020, the remaining/available borrowing facility was $296.8 million and $228.1 million, respectively, and the remaining/available collateral was $343.1 million and $351.5 million, respectively.

​

In addition, as of June 30, 2021 and 2020, the Bank had a $206.1 million and $94.4 million discount window facility, respectively, at the Federal Reserve Bank of San Francisco, collateralized by investment securities with a fair market value of $219.2 million and $100.4 million, respectively.  As of June 30, 2021 and 2020, the Bank also had a borrowing arrangement in the form of a federal funds facility with its correspondent bank for $17.0 million at both dates.  The Bank intends to request a renewal of its borrowing arrangement with the correspondent bank prior to maturity. As of both June 30, 2021 and 2020, there were no outstanding borrowings under the discount window facility or the federal funds facility with the correspondent bank.

​

Borrowings at June 30, 2021 and 2020 consisted of the following:

​

​	​	​	​	​	​	​
​	​	June 30,
(In Thousands)		2021			2020
​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	100,983	​	$	141,047

​

In addition to the total borrowings described above, the Bank utilizes its borrowing facility for letters of credit and MPF credit enhancement.  The outstanding letters of credit at June 30, 2021 and 2020 were $16.0 million at both dates; and the outstanding MPF credit enhancement was $2.5 million at both, June 30, 2021 and June 30, 2020.

​

As a member of the FHLB – San Francisco, the Bank is required to maintain a minimum investment in FHLB – San Francisco capital stock.  The Bank held a stock investment of $8.2 million with no excess capital stock at June 30, 2021.  This compares to a stock investment of $8.0 million with excess capital stock of $1.1 million at June 30, 2020.

​

During fiscal 2021, the FHLB – San Francisco did not redeem any of the excess capital stock, while the Bank purchased $185,000 of FHLB - San Francisco capital stock. During fiscal 2020, the FHLB – San Francisco redeemed $229,000 of the excess capital stock, while the Bank did not purchase any FHLB - San Francisco capital stock. In fiscal 2021 and 2020, the FHLB – San Francisco distributed $418,000 and $534,000 of cash dividends, respectively, to the Bank.

​

The following tables set forth certain information regarding borrowings by the Bank at the dates and for the years indicated:

​

​	​	​	​	​	​	​	​
​	​	At or For the Year Ended June 30,					​
(Dollars in Thousands)		2021			2020
​	​	​	​	​	​	​	​
Balance outstanding at the end of year:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	100,983	​	$	141,047	​
​	​	​	​	​	​	​	​
Weighted-average rate at the end of year:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​		2.19	%		2.23	%
​	​	​	​	​	​	​	​
Maximum amount of borrowings outstanding at any month end:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	141,042	​	$	141,057	​
​	​	​	​	​	​	​	​
Average short-term borrowings during the year with respect to:(1)	​			​			​
FHLB - San Francisco advances	​	$	35,631	​	$	11,562	​
​	​	​	​	​	​	​	​
Weighted-average short-term borrowing rate during the year with respect to:(1)	​			​			​
FHLB - San Francisco advances	​		2.14	%		3.30	%

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(1) Borrowings with a remaining term of 12 months or less.

​

The aggregate annual contractual maturities of borrowings at June 30, 2021 and 2020 were as follows:

​

​	​	​	​	​	​	​	​
​	​	June 30,
(Dollars in Thousands)		2021			2020
Within one year	​	$	20,983	​	$	30,000	​
Over one to two years	​		30,000	​		31,047	​
Over two to three years	​		30,000	​		30,000	​
Over three to four years	​		20,000	​		30,000	​
Over four to five years	​		—	​		20,000	​
Over five years	​		—	​		—	​
Total borrowings	​	$	100,983	​	$	141,047	​
Weighted average interest rate	​		2.19	%		2.23	%

​

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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.

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