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9. BORROWING ARRANGEMENTS
9 Months Ended
Sep. 30, 2018
Borrowing Arrangements  
BORROWING ARRANGEMENTS

At September 30, 2018, the Company had $17,000,000 of unsecured short-term borrowing arrangements with two of its correspondent banks. There were no advances under the borrowing arrangements as of September 30, 2018 or December 31, 2017.

 

The Company has a line of credit available with the Federal Home Loan Bank of San Francisco (the “FHLB”) which is secured by pledged mortgage loans and investment securities. Borrowings may include overnight advances as well as loans with terms of up to thirty years. Advances (both short-term and long-term) totaling $15,500,000 were outstanding from the FHLB at September 30, 2018, bearing interest rates ranging from 1.18% to 3.04% and maturing between November 23, 2018 and July 20, 2023. Advances totaling $15,500,000 were outstanding from the FHLB at December 31, 2017, bearing interest rates ranging from 1.18% to 1.90% and maturing between July 20, 2018 and April 12, 2021. Remaining amounts available under the borrowing arrangement with the FHLB at September 30, 2018 and December 31, 2017 totaled $100,570,000 and $117,546,000, respectively. In addition, the Company has a secured borrowing agreement with the Federal Reserve Bank of San Francisco. The borrowing can be secured by pledging selected loans and investment securities. Borrowings generally are short-term including overnight advances as well as loans with terms up to ninety days. Amounts available under this borrowing arrangement at September 30, 2018 and December 31, 2017 were $8,435,000 and $9,085,000, respectively. There were no advances outstanding under this borrowing arrangement as of September 30, 2018 and December 31, 2017.