Short-term Borrowings

12 Months Ended

Dec. 31, 2023

Short-term Borrowings [Abstract]

Short-term Borrowings

Note 8—Short-term borrowings

As of December 31, 2023 and 2022, committed lines of credit arrangements totaling $2.3 billion and $1.5 billion, respectively, were available to the Company from unaffiliated banks. The average Federal Funds interest rate as of December 31, 2023 was 5.50%.

The Company is a member of the FHLB of San Francisco and has a committed credit line of $760.1 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 5.64% as of December 31, 2023.

The Company has $1.5 billion in pledged loans and $134.9 million in pledged securities at par value with the FRB.  As of December 31, 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 December 31, 2023. There were no outstanding advances on the above borrowing facilities as of December 31, 2023 and 2022.