Short-term Borrowings

9 Months Ended

Sep. 30, 2023

Short-term Borrowings [Abstract]

Short-term Borrowings

Note 5—Short-term borrowings

As of September 30, 2023 and December 31, 2022, committed lines of credit arrangements totaling $2.2 billion and $1.5 billion were available to the Company from unaffiliated banks, respectively. The average Federal Funds interest rate as of September 30, 2023 was 5.25%.

The Company is a member of the FHLB of San Francisco and has a committed credit line of $796.7 million, which is secured by $1.3 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 5.70% as of September 30, 2023.

The Company has $1.5 billion in pledged loans and $147.7 million in pledged securities at par value with the Federal Reserve Bank (the “Fed”). As of September 30, 2023, the Company’s overnight borrowing capacity using the primary credit facilities from the Fed account was $1.3 billion. The borrowing rate was 5.50% as of September 30, 2023.

There were no outstanding advances on the above borrowing facilities as of September 30, 2023 and December 31, 2022.