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Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company had outstanding borrowings as of December 31, 2024 and 2023 with carrying values of $3.1 billion and $4.0 billion, respectively.
The following table presents selected information for FHLB and FRB advances for the years ended December 31, 2024 and 2023:
(dollars in thousands)
20242023
FHLB Advances
Balance at end of period$3,100,000 $3,750,000 
Average balance during period$2,430,874 $4,458,463 
Maximum month end balance during period$3,100,000 $6,400,000 
Weighted average rate at December 315.0 %5.6 %
Weighted average rate during period5.2 %5.3 %
FRB Borrowings
Balance at end of period$— $200,000 
Average balance during period$1,260,656 $31,918 
Maximum month end balance during period$1,550,000 $200,000 
Weighted average rate at December 31— %4.8 %
Weighted average rate during period4.8 %4.8 %

The FHLB requires the Bank to maintain a required level of investment in FHLB and sufficient collateral to qualify for secured advances. The Bank has pledged as collateral for these secured advances all FHLB stock, all funds on deposit with the FHLB, investment and commercial real estate portfolios, accounts, general intangibles, equipment and other property in which a security interest can be granted by the Bank to the FHLB. Total value of loans and securities pledged to the FHLB were $19.2 billion as of December 31, 2024.

Prior to March 2024, the Bank had access to borrowings under the FRB BTFP, which was subject to certain collateral requirements, namely the amount of pledged investment securities. As of December 31, 2024, there were no securities pledged to the FRB, as compared to $1.4 billion pledged as of December 31, 2023 related to the FRB BTFP.

At December 31, 2024 and 2023, the Company had no outstanding federal funds purchased balances. The Bank had available lines of credit with the FHLB totaling $7.8 billion as of December 31, 2024, subject to certain collateral requirements. The Bank had available Discount Window line of credit with the Federal Reserve totaling $4.9 billion subject to certain collateral requirements, namely the amount of certain pledged loans and securities as of December 31, 2024. The Bank had uncommitted federal funds line of credit agreements with additional financial institutions totaling $600.0 million as of December 31, 2024. Availability of the lines is subject to federal funds balances available for loan and continued borrower eligibility and are reviewed and renewed periodically throughout the year. These lines are intended to support short-term liquidity needs, and the agreements may restrict consecutive day usage.