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BORROWINGS

12 Months Ended

Dec. 31, 2023

BORROWINGS:

During 2023, the Company borrowed $1.2 billion and repaid $535 million from the Federal Reserve Bank ("FRB") under the Bank Term Funding Program ("BTFP"). The BTFP offers up to one year fixed-rate term borrowings that are prepayable without penalty. At December 31, 2023 the Company had $645 million outstanding under the BTFP.

The balances, maturity and rate of the outstanding borrowings from the FHLB and the FRB BTFP were as follows:


	At December 31,
	2023				2022
(dollars in thousands)	Amount		Weighted Average Rate		Amount		Weighted Average Rate

Within one year	$	745,000	4.75	%	$	16,000	4.60	%
One to three years	450,000		4.56	%	450,000		4.31	%
Three through five years	550,000		4.35	%	550,000		4.35	%

Total	$	1,745,000	4.58	%	$	1,016,000	4.33	%

At December 31, 2023 and 2022 the Bank had available borrowing capacity of $2.1 billion and $2.6 billion respectively, from the FHLB,and $710 million and $340 million, respectively from the FRBSF. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of December 31, 2023, the were no balances outstanding.

As of December 31, 2023 and 2022, the Company held $55.3 million and $49.3 million, respectively, of FHLB stock.