Note 4 - Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

4. Cash, Cash Equivalents and Restricted Cash

The Company manages its cash and cash equivalents based upon the Company’s operating, investment, and financing activities. Cash and cash equivalents, for the purposes of reporting cash flows, consist of cash and due from banks, short-term investments, and interest-bearing deposits. Cash and due from banks include cash on hand, cash items in transit, cash due from the Federal Reserve Bank of San Francisco (“FRBSF”) and other financial institutions. Short-term investments and interest-bearing deposits include cash placed with other banks with original maturity of three months or less.

The Company had average excess balance with FRBSF of $1.05 billion as of March 31, 2024 and $1.09 billion as of   December 31, 2023. As of March 31, 2024, and December 31, 2023, the Company had $60.9 million and $53.8 million, respectively, as cash margin that serves as collateral on deposits in a cash margin account for interest rate swaps. Of the balances held in the cash margin account $7.8 million and $8.6 million, respectively, are restricted as of  March 31, 2024, and December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company held $29.3 million and $6.4 million, respectively, in a restricted escrow account with a major bank for its alternative energy investments.