FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2017

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

At December 31, 2017, $550.0 million of the Bank's advances from FHLB were fixed rate and had interest rates ranging from 1.23 percent to 3.00 percent with a weighted-average interest rate of 2.02 percent, and $1.15 billion of the Bank's advances from FHLB were variable rate and had a weighted-average interest rate of 1.40 percent from the FHLB. At December 31, 2016, $150.0 million of the Bank’s advances from the FHLB were fixed rate and had interest rates ranging from 0.69 percent to 1.61 percent with a weighted-average interest rate of 1.02 percent, and $340.0 million of the Bank’s advances from the FHLB were variable-rate and had a weighted-average interest rate of 0.52 percent. The following table presents contractual maturities by year of the Bank's advances as of December 31, 2017:



($ in thousands)	2018		2019		2020		2021		2022 and After		Total
Fixed rate	$	125,000	$	125,000	$	100,000	$	100,000	$	100,000	$	550,000
Variable rate	1,145,000		—		—		—		—		1,145,000
Total	$	1,270,000	$	125,000	$	100,000	$	100,000	$	100,000	$	1,695,000

Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty. At December 31, 2017 and 2016, the Bank’s advances from the FHLB were collateralized by certain real estate loans with an aggregate unpaid principal balance of $2.90 billion and $3.27 billion, respectively, and securities with carrying values of $405.6 million and $321.0 million, respectively. The Bank’s investment in capital stock of the FHLB of San Francisco totaled $48.7 million and $41.9 million, respectively, at December 31, 2017 and 2016. Based on this collateral and the Bank’s holdings of FHLB stock, the Bank was eligible to borrow an additional $873.1 million at December 31, 2017.

The following table presents financial data of FHLB advances as of the dates or for the periods indicated:



	As of or For the Year Ended December 31,
($ in thousands)	2017			2016			2015
Weighted-average interest rate at end of year	1.60		%	0.67		%	0.40		%
Average interest rate during the year	1.23		%	0.49		%	0.38		%
Average balance	$	1,054,978		$	1,153,208		$	553,162
Maximum amount outstanding at any month-end	$	1,695,000		$	1,990,000		$	1,355,000
Balance at end of year	$	1,695,000		$	490,000		$	930,000

The Bank maintained a line of credit of $63.2 million from the Federal Reserve Discount Window, to which the Bank pledged securities with a carrying value of $101.2 million with no outstanding borrowings at December 31, 2017. The Bank maintained available unsecured federal funds lines with correspondent banks totaling $210.0 million at December 31, 2017.

The Bank also maintained repurchase agreements and had no outstanding securities sold under agreements to repurchase at December 31, 2017 and 2016. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and pledging additional investment securities.

On June 30, 2017, the Company voluntarily terminated a line of credit of $75.0 million that was maintained at Banc of California, Inc. with an unaffiliated financial institution. The line had a maturity date of July 17, 2017 and a floating interest rate equal to a LIBOR rate plus 2.25 percent or the Prime Rate. The Company had $50.0 million of borrowings outstanding under the line, which were repaid in connection with the termination of the line. The proceeds of the line were used for working capital purposes.