Short-term Borrowings

9 Months Ended

Sep. 30, 2024

Short-term Borrowings [Abstract]

Short-term Borrowings

Note 5—Short-term borrowings

As of September 30, 2024 and December 31, 2023, committed lines of credit arrangements totaling $2.1 billion and $2.2 billion, respectively, were available to the Company from unaffiliated banks.

The Company is a member of the FHLB of San Francisco and has a committed credit line of $791.2 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 based on the borrowing term. The overnight borrowing rate was 5.15% as of September 30, 2024.

The Company has $1.5 billion in pledged loans with the FRB. As of September 30, 2024, the Company’s overnight borrowing capacity using the primary credit facilities from the Fed account was $1.2 billion. The overnight borrowing rate was 5.00% as of September 30, 2024.

There were no outstanding advances on the above borrowing facilities as of September 30, 2024 or December 31, 2023.