Borrowing Arrangements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowing Arrangements

Borrowing Arrangements

As of December 31, 2023, the Company had $105.0 million advances from FHLB with a weighted average interest rate of 4.65% and a weighted average remaining term of 0.9 years, compared to no borrowings as of December 31, 2022. The Company has a letter of credit with the FHLB in the amount of $67.0 million to secure a public deposit as of both December 31, 2023 and 2022.

The Company had available borrowing capacity from the following institutions as of December 31, 2023:

($ in thousands)
FHLB	$	363,615
Federal Reserve Bank	182,989
Pacific Coast Bankers Bank	50,000
Zions Bank	25,000
First Horizon Bank	25,000
Total	$	646,604

The Company has pledged approximately $1.39 billion and $1.24 billion of loans as collateral for these lines of credit as of December 31, 2023 and 2022, respectively.