XML 32 R15.htm IDEA: XBRL DOCUMENT v3.23.2

Borrowings

12 Months Ended

Jun. 30, 2023

Borrowings

Borrowings

Note 7: Borrowings

​

As of June 30, 2023, the Bank’s FHLB – San Francisco maximum borrowing capacity was approximately $534.1 million, which is limited to 40% of total assets reported on the Bank’s quarterly Call Report. This borrowing capacity was collateralized by pledges of certain real estate loans with an aggregate loan balance of $967.6 million and investment securities of $4.2 million. As of June 30, 2023, the Bank’s borrowings from the FHLB – San Francisco were $235.0 million, with varying maturity dates thru the year 2028. In addition, the Bank utilizes its borrowing facility for letters of credit and for Mortgage Partnership Finance (“MPF”) program credit enhancement. The outstanding letters of credit was $11.0 million and the outstanding MPF credit enhancement was $216,000 at June 30, 2023. As of June 30, 2023, the remaining borrowing capacity was $287.9 million.

​

As of June 30, 2022, the Bank’s FHLB – San Francisco maximum borrowing capacity was approximately $415.7 million, which is limited to 35% of total assets reported on the Bank’s quarterly Call Report. This borrowing capacity was collateralized by pledges of certain real estate loans with an aggregate loan balance of $570.4 million and investment securities of $4.7 million. As of June 30, 2022, the Bank’s borrowings from the FHLB – San Francisco were $85.0 million, with varying maturity dates through the year 2025. In addition, the Bank utilizes its borrowing facility for letters of credit and for MPF program credit enhancement. The outstanding letters of credit was $18.0 million and the outstanding MPF credit enhancement was $2.5 million at June 30, 2022. As of June 30, 2022, the remaining borrowing capacity was $310.3 million.

​

In addition, as of June 30, 2023 and 2022, the Bank had $139.0 million and $153.9 million borrowing capacity available from the discount window facility at the Federal Reserve Bank of San Francisco, respectively, collateralized by investment securities. As of June 30, 2023 and 2022, the Bank also had a borrowing arrangement in the form of a federal funds facility with its correspondent bank for $50.0 million at both dates. The Bank intends to request a renewal of its borrowing arrangement with the correspondent bank prior to maturity on June 30, 2024. As of both June 30, 2023 and 2022, there were no outstanding borrowings under the discount window facility or the federal funds facility with the correspondent bank.

​

Borrowings at June 30, 2023 and 2022 consisted of the following:

​

​	​	​	​	​	​	​
​	​	June 30,
(In Thousands)		2023			2022
​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	235,009	​	$	85,000

​

As a member of the FHLB – San Francisco, the Bank is required to maintain a minimum investment in FHLB – San Francisco capital stock. At June 30, 2023 and 2022, the Bank held a stock investment of $9.5 million and $8.2 million, respectively, with no excess capital stock.

​

During fiscal 2023 and 2022, the FHLB – San Francisco did not redeem any excess capital stock, while the Bank purchased $1.3 million and $84,000 of FHLB - San Francisco capital stock, respectively. In fiscal 2023 and 2022, the FHLB – San Francisco distributed $556,000 and $489,000 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)		2023			2022
​	​	​	​	​	​	​	​
Balance outstanding at the end of year:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	235,009	​	$	85,000	​
​	​	​	​	​	​	​	​
Weighted-average rate at the end of year:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​		4.34	%		2.20	%
​	​	​	​	​	​	​	​
Maximum amount of borrowings outstanding at any month end:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	235,009	​	$	100,978	​
​	​	​	​	​	​	​	​
Average short-term borrowings during the year with respect to:(1)	​			​			​
FHLB - San Francisco advances	​	$	113,688	​	$	25,513	​
​	​	​	​	​	​	​	​
Weighted-average short-term borrowing rate during the year with respect to:(1)	​			​			​
FHLB - San Francisco advances	​		3.87	%		1.87	%

​

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

​

The aggregate annual contractual maturities of borrowings at June 30, 2023 and 2022 were as follows:

​

​	​	​	​	​	​	​	​
​	​	June 30,
(Dollars in Thousands)		2023			2022
Within one year	​	$	150,009	​	$	35,000	​
Over one to two years	​		70,000	​		30,000	​
Over two to three years	​		10,000	​		20,000	​
Over three to four years	​		—	​		—	​
Over four to five years	​		5,000	​		—	​
Over five years	​		—	​		—	​
Total borrowings	​	$	235,009	​	$	85,000	​
Weighted average interest rate	​		4.34	%		2.20	%

​

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822

+ Details

Name:	us-gaap_FederalHomeLoanBankAdvancesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration