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FEDERAL HOME LOAN BANK ADVANCES AND SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2020
Federal Home Loan Banks [Abstract]  
FEDERAL HOME LOAN BANK ADVANCES AND SHORT-TERM BORROWINGS 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,
2020		December 31,
2019
Fixed rate:
Outstanding balance$461,000 (1)$730,000 
Interest rates ranging from— %(2)1.82 %
Interest rates ranging to3.32 %3.32 %
Weighted average interest rate2.51 %2.66 %
Variable rate:
Outstanding balance85,000 465,000 
Weighted average interest rate0.17 %1.66 %
(1)Excludes $6.2 million of unamortized debt issuance costs at December 31, 2020.    
(2)Includes $5.0 million in FHLB recovery advances with an interest rate of 0.00% and maturity date of May 27, 2021.
The following table presents contractual maturities by year of the FHLB advances as of December 31, 2020:
($ in thousands)20212022202320242025 and AfterTotal
Fixed rate$50,000 $— $— $— $411,000 $461,000 
Variable rate85,000 — — — — 85,000 
Total$135,000 $— $— $— $411,000 $546,000 

Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty. In June 2020, we repaid early a $100.0 million FHLB term advance with a weighted average interest rate of 2.07% and incurred a $2.5 million debt extinguishment fee that is included in other noninterest expense in the consolidated statements of operations. Additionally, in June 2020 we refinanced $111.0 million of our term advances into the lower market interest rates.
At December 31, 2020, FHLB advances included $85.0 million in overnight borrowings, $50.0 million in advances maturing within six months, and $411.0 million maturing beyond six months with a weighted average life of 5.0 years and weighted average interest rate of 2.53%.
At December 31, 2020 and 2019, the Bank’s advances from the FHLB were collateralized by certain real estate loans with an aggregate unpaid principal balance of $2.37 billion and $3.05 billion. Based on this collateral the Bank was eligible to borrow an additional $821.7 million at December 31, 2020.
The Bank’s investment in capital stock of the FHLB of San Francisco totaled $17.3 million and $32.3 million at December 31, 2020 and 2019.
The following table presents financial data of FHLB advances as of the dates or for the periods indicated:
As of or For the Year Ended December 31,
($ in thousands)202020192018
Weighted-average interest rate at end of year2.15 %2.27 %2.57 %
Average interest rate during the year2.41 %2.55 %2.15 %
Average balance$749,195 $1,264,945 $1,627,608 
Maximum amount outstanding at any month-end$1,210,000 $1,850,000 $2,030,000 
Balance at end of year$546,000 (1)$1,195,000 $1,520,000 
(1)Excludes $6.2 million of unamortized debt issuance costs at December 31, 2020.
During the second quarter of 2020, we expanded our existing secured borrowing capacity with the Federal Reserve Bank by participating in its BIC program. As a result, our borrowing capacity with the Federal Reserve Bank increased to $422.4 million at December 31, 2020. Prior to participating in the BIC program, the Bank only pledged securities as collateral for access to the discount window. At December 31, 2020, the Bank has pledged certain qualifying loans with an unpaid principal balance of $856.2 million and securities with a carrying value of $23.7 million as collateral for this line of credit. Borrowings under the BIC program are overnight advances with interest chargeable at the discount window (“primary credit”) borrowing rate. There were no borrowings under this arrangement for the years ended December 31, 2020 and 2019.
The Bank maintained available unsecured federal funds lines with five correspondent banks totaling $185.0 million, with no outstanding borrowings at December 31, 2020.
The Bank also maintained repurchase agreements and had no outstanding securities sold under agreements to repurchase at December 31, 2020 and 2019. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and the pledging of additional investment securities. During 2020, the Bank established the ability to perform unsecured overnight borrowing from various financial institutions through the American Financial Exchange platform. The availability of such unsecured borrowings fluctuates regularly and are subject to the counterparties discretion and totaled $196.0 million at December 31, 2020.