OTHER BORROWINGS

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

OTHER BORROWINGS

Other borrowings consist of retail and wholesale repurchase agreements, other term borrowings and Federal Reserve Bank borrowings.

Repurchase Agreements:  At December 31, 2023, retail repurchase agreements carry interest rates ranging from 0.05% to 4.64%. These repurchase agreements are secured by the pledge of certain mortgage-backed and agency securities with a carrying value of $266.6 million.  The Bank has the right to pledge or sell these securities, but it must replace them with substantially the same securities. The Bank had no borrowings under wholesale repurchase agreements at December 31, 2023 or December 31, 2022.

Federal Reserve Bank of San Francisco and fed fund lines:  The Bank periodically borrows funds on an overnight basis from the Federal Reserve Bank through the Borrower-In-Custody program.  Such borrowings are secured by a pledge of eligible loans.  At December 31, 2023, based upon available unencumbered collateral, the Bank was eligible to borrow $1.44 billion from the Federal Reserve Bank, although, at that date, as well as at December 31, 2022, the Bank had no funds borrowed under this arrangement.

At December 31, 2023, the Bank had uncommitted federal funds lines of credit agreements with other financial institutions totaling $125.0 million. No balances were outstanding under these agreements as of December 31, 2023 and 2022. Availability of lines is subject to federal funds balances available for loan and continued borrower eligibility. These lines are intended to support short-term liquidity needs and the agreements may restrict consecutive day usage.

A summary of all other borrowings at December 31, 2023 and 2022 by the period remaining to maturity is as follows (dollars in thousands):

	December 31,
	2023				2022
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
Repurchase agreements:
Maturing in one year or less	$	182,877	2.48	%	$	232,799	0.35	%
Total year-end outstanding	$	182,877	2.48	%	$	232,799	0.35	%
Average outstanding	$	199,290	1.69	%	$	249,681	0.15	%
Maximum outstanding at any month-end	$	229,727	n/a		$	266,776	n/a