FEDERAL HOME LOAN BANK ADVANCES AND SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2019

FEDERAL HOME LOAN BANK ADVANCES AND SHORT-TERM BORROWINGS

The following table presents the advances from the FHLB as of the dates indicated:



($ in thousands)	December 31, 2019			December 31, 2018
Fixed rate:
Outstanding balance	$	730,000		$	805,000
Interest rates ranging from	1.82		%	1.61		%
Interest rates ranging to	3.32		%	3.32		%
Weighted average interest rate	2.66		%	2.58		%
Variable rate:
Outstanding balance	465,000			715,000
Weighted average interest rate	1.66		%	2.56		%

The following table presents contractual maturities by year of the FHLB advances as of December 31, 2019:



($ in thousands)	2020		2021		2022		2023		2024 and After		Total
Fixed rate	$	174,000	$	145,000	$	46,000	$	45,000	$	320,000	$	730,000
Variable rate	465,000		—		—		—		—		465,000
Total	$	639,000	$	145,000	$	46,000	$	45,000	$	320,000	$	1,195,000

Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty. At December 31, 2019 and December 31, 2018, the Bank’s advances from the FHLB were collateralized by certain real estate loans with an aggregate unpaid principal balance of $3.05 billion and $4.05 billion. The Bank’s investment in capital stock of the FHLB of San Francisco totaled $32.3 million and $41.0 million at December 31, 2019 and December 31, 2018. Based on this collateral the Bank was eligible to borrow an additional $1.02 billion at December 31, 2019.

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)	2019			2018			2017
Weighted-average interest rate at end of year	2.27		%	2.57		%	1.60		%
Average interest rate during the year	2.55		%	2.15		%	1.23		%
Average balance	$	1,264,945		$	1,627,608		$	1,054,978
Maximum amount outstanding at any month-end	$	1,850,000		$	2,030,000		$	1,695,000
Balance at end of year	$	1,195,000		$	1,520,000		$	1,695,000

The Bank maintained a line of credit of $16.7 million from the Federal Reserve Discount Window, to which the Bank pledged securities with a carrying value of $23.9 million, with no outstanding borrowings at December 31, 2019. The Bank maintained available unsecured federal funds lines with correspondent banks totaling $185.0 million, with no outstanding borrowings at December 31, 2019.

The Bank also maintained repurchase agreements and had no outstanding securities sold under agreements to repurchase at December 31, 2019 and December 31, 2018. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and the pledging of additional investment securities.

On June 30, 2017, we 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% or the Prime Rate. We 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.