Short-term Borrowings/Other Borrowings

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Short-term Borrowings/Other Borrowings

Short-term Borrowings/Other Borrowings

At September 30, 2020, the Company had collateralized lines of credit with the Federal Reserve Bank of San Francisco totaling $341,410,000, as well as Federal Home Loan Bank (FHLB) lines of credit totaling $5,111,000. At September 30, 2020, the Company had an uncollateralized line of credit with Pacific Coast Bankers Bank (PCBB) totaling $10,000,000, a Fed Funds line of $10,000,000 with Union Bank, and a Fed Funds line of $20,000,000 with Zions First National Bank. All lines of credit are on an “as available” basis and can be revoked by the grantor at any time. These lines of credit have interest rates that are generally tied to the Federal Funds rate or are indexed to short-term U.S. Treasury rates or LIBOR. FHLB advances are collateralized by the Company’s stock in the FHLB, investment securities, and certain qualifying mortgage loans.

As of September 30, 2020, $5,582,000 in investment securities at FHLB were pledged as collateral for FHLB advances. Additionally, $519,013,000 in secured and unsecured loans were pledged at September 30, 2020, as collateral for borrowing lines with the Federal Reserve Bank. At September 30, 2020, the Company had no outstanding borrowings.

At December 31, 2019, the Company had collateralized lines of credit with the Federal Reserve Bank of San Francisco totaling $313,445,000, as well as Federal Home Loan Bank (“FHLB”) lines of credit totaling $5,815,000. At December 31, 2019, the Company had an uncollateralized line of credit with Pacific Coast Bankers Bank ("PCBB") and Union Bank totaling $10,000,000 each, with a Fed Funds line of $20,000,000 at Zions First National Bank. All lines of credit are on an “as available” basis and can be revoked by the grantor at any time. These lines of credit generally have interest rates tied to the Federal Funds rate or are indexed to short-term U.S. Treasury rates or LIBOR. FHLB advances are collateralized by the Company’s stock in the FHLB, investment securities, and certain qualifying mortgage loans.

As of December 31, 2019, $6,201,000 in investment securities at FHLB were pledged as collateral for FHLB advances. Additionally, $462,937,000 in secured and unsecured loans were pledged at December 31, 2019, as collateral for used and unused borrowing lines with the Federal Reserve Bank. At December 31, 2019, the Company had no outstanding borrowings.