Short-term Borrowings

6 Months Ended

Jun. 30, 2024

Short-term Borrowings [Abstract]

Short-term Borrowings

Note 5—Short-term borrowings

As of June 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 average Federal Funds interest rate as of June 30, 2024 was 5.50%.

The Company is a member of the FHLB of San Francisco and has a committed credit line of $811.8 million, which is secured by $1.0 billion in various real estate loans and investment securities pledged as collateral. Borrowings generally provide for interest at the then current published rate, which was 5.63% as of June 30, 2024.

The Company has $1.5 billion in pledged loans with the FRB. As of June 30, 2024, the Company’s overnight borrowing capacity using the primary credit facilities from the Fed account was $1.2 billion. The borrowing rate was 5.50% as of June 30, 2024.

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