Short-term Borrowings

12 Months Ended

Dec. 31, 2021

Short-term Borrowings [Abstract]

Short-term Borrowings

Note 9 — Short-term borrowings

As of December 31, 2021 and 2020, committed lines of credit arrangements totaling $1.4 billion and $1.3 billion were available to the Company from unaffiliated banks, respectively. The average Federal Funds interest rate as of December 31, 2021 was 0.25%.

The Company is a member of the FHLB of San Francisco and has a committed credit line of $837.1 million, which is secured by $1.14 billion in various real estate loans and investment securities pledged as collateral. Borrowings generally provide for interest at the then current published rate, which was 0.17% as of December 31, 2021.

The Company has $767 million in pledged loans with the Federal Reserve Bank (the “Fed”). As of December 31, 2021, the Company’s overnight borrowing capacity using the primary credit facilities from the Fed account was $480.4 million. The borrowing rate is 25 basis points. There were no outstanding advances on the above borrowing facilities as of December 31, 2021 and 2020.