Note 11 - Term Debt

6 Months Ended

Jun. 30, 2015

Disclosure Text Block [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 11. TERM DEBT

The Bank had outstanding secured advances from the Federal Home Loan Bank of San Francisco at June 30, 2015 and December 31, 2014 of $90.0 million and $75.0 million, respectively.

Future contractual maturities of Federal Home Loan Bank of San Francisco term advances at June 30, 2015 are as follows:

(Amounts in thousands)
Year	Amount
2015	$	90,000
Thereafter		—
Total Federal Home Loan Bank of San Francisco advances	$	90,000

The maximum amount outstanding from the Federal Home Loan Bank of San Francisco under term advances at any month end during the six months ended June 30, 2015, and the year ended December 31, 2014 was $120.0 million and $75.0 million, respectively. The average balance outstanding on Federal Home Loan Bank of San Francisco term advances during the six months ended June 30, 2015 and year ended December 31, 2014 was $94.7 million and $77.5 million, respectively. The weighted average interest rate on the borrowings at June 30, 2015 and December 31, 2014 was 0.23% and 0.24%, respectively.

The Federal Home Loan Bank of San Francisco borrowings are secured by an investment in Federal Home Loan Bank of San Francisco stock, certain real estate mortgage loans which have been specifically pledged to the Federal Home Loan Bank of San Francisco pursuant to their collateral requirements, and certain securities held in the Bank’s investment securities portfolio. As of June 30, 2015, based upon the level of Federal Home Loan Bank of San Francisco advances, the Company was required to hold an investment in Federal Home Loan Bank of San Francisco stock of $4.5 million. Furthermore, the Company has pledged $331.4 million of its commercial and real estate mortgage loans, and has borrowed $90.0 million against the pledged loans. As of June 30, 2015, the Company held $19.2 million (amortized cost) in securities with the Federal Home Loan Bank of San Francisco for pledging purposes. All of the securities pledged to the Federal Home Loan Bank of San Francisco were unused as collateral as of June 30, 2015.