Borrowing Arrangements

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Borrowing Arrangements

Note 9. Borrowing Arrangements

As of September 30, 2020, the Company had $10.0 million in borrowings from the Federal Home Loan Bank (“FHLB”) of San Francisco which had 0% rate under the Zero-Rate Recovery Advance Program, FHLB’s pandemic relief initiatives. The Company has a letter of credit with the FHLB in the amount of $67.0 million to secure a public deposit.

The Company had available borrowings from the following institutions as of September 30, 2020:

	September 30, 2020
	(Dollars in thousands)
Federal Home Loan Bank—San Francisco	$	244,938
Federal Reserve Bank		121,019
Pacific Coast Bankers Bank		50,000
Zions Bank		25,000
First Horizon Bank		15,000
Total	$	455,957

The Company has pledged approximately $913.3 million of loans as collateral for these lines of credit as of September 30, 2020.