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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 3 Months Ended
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Mar. 31, 2021
Federal Home Loan Banks [Abstract] |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS The following table presents advances from the FHLB as of the dates indicated:
($ in thousands) |  | March 31, 2021 |  |  | December 31, 2020
Fixed rate: |  |  |  |  |
Outstanding balance (1)(2) |  | $ | 416,000 |  |  |  | $ | 461,000 |
Interest rates ranging from (2) |  | — | % |  |  | — | %
Interest rates ranging to |  | 3.32 | % |  |  | 3.32 | %
Weighted average interest rate |  | 2.50 | % |  |  | 2.51 | %
Variable rate: |  |  |  |  |
Outstanding balance |  | $ | 225,000 |  |  |  | $ | 85,000 |
Weighted average interest rate |  | 0.09 | % |  |  | 0.17 | %
(1)Excludes $5.9 million and $6.2 million of unamortized debt issuance costs at March 31, 2021 and December 31, 2020. (2)Includes $5.0 million in FHLB recovery advances with an interest rate of 0.00% and a maturity date of May 27, 2021. Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty. At the end of the first quarter of 2021, FHLB advances included $225.0 million overnight borrowings, $5.0 million maturing within three months, and $411.0 million maturing beyond three months with a weighted average life of 4.7 years and weighted average interest rate of 2.53%. At March 31, 2021 and December 31, 2020, the Bank’s advances from the FHLB were collateralized by certain real estate loans with an aggregate unpaid principal balance of $2.23 billion and $2.37 billion. Based on this collateral, the Bank was eligible to borrow an additional $584.2 million at March 31, 2021. The Bank’s investment in capital stock of the FHLB of San Francisco totaled $17.7 million and $17.3 million at March 31, 2021 and December 31, 2020. We participate in the Federal Reserve Bank of San Francisco (“Federal Reserve”) Borrower-in-Custody (“BIC”) program. Our borrowing capacity with the Federal Reserve was $384.9 million at March 31, 2021. At March 31, 2021, the Bank has pledged certain qualifying loans with an unpaid principal balance of $745.3 million and securities with a carrying value of $23.9 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 three months ended March 31, 2021 and 2020. The Bank maintained available unsecured federal funds lines with four correspondent banks totaling $175.0 million, with no outstanding borrowings at March 31, 2021. The Bank also has 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 $231.0 million and $196.0 million at March 31, 2021 and December 31, 2020. The Bank also maintained repurchase agreements and had no outstanding securities sold under agreements to repurchase at March 31, 2021 and December 31, 2020. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and the pledging of additional investment securities.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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