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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS
 9 Months Ended
Sep. 30, 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)September 30,
2021		December 31,
2020
Fixed rate:
Outstanding balance (1)(2)
$411,000 $461,000 
Interest rates ranging from (2)
0.64 %— %
Interest rates ranging to3.32 %3.32 %
Weighted average interest rate2.53 %2.51 %
Variable rate:
Outstanding balance$— $85,000 
Weighted average interest rate— %0.17 %
(1)Excludes $5.3 million and $6.2 million of unamortized debt issuance costs at September 30, 2021 and December 31, 2020.    
(2)Includes zero and $5.0 million in FHLB recovery advances at September 30, 2021 and December 31, 2020 with an interest rate of 0.00% that matured on 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 third quarter of 2021, FHLB advances included no overnight borrowings and $411.0 million in term advances with a weighted average life of 4.2 years and weighted average interest rate of 2.53%.

The Bank’s advances from the FHLB are collateralized by a blanket lien on all real estate loans. Our secured borrowing capacity with the FHLB totaled $1.63 billion, of which the Bank was eligible to borrow an additional $894.9 million at September 30, 2021 based on qualifying loans with an aggregate unpaid principal balance of $2.09 billion as of that date.
The Bank’s investment in capital stock of the FHLB of San Francisco totaled $17.3 million at September 30, 2021 and December 31, 2020.
At September 30, 2021, the Company had borrowing capacity with the Federal Reserve Bank of San Francisco (“Federal Reserve”) of $349.3 million, including the secured borrowing capacity through the Federal Reserve Discount Window and Borrower-in-Custody ("BIC") program. At September 30, 2021, the Bank has pledged certain qualifying loans with an unpaid principal balance of $617.4 million and securities with a carrying value of $8.9 million as collateral for these lines 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 and nine months ended September 30, 2021 and 2020.
The Bank’s investment in capital stock of the Federal Reserve totaled $27.3 million at September 30, 2021 and December 31, 2020
The Bank maintained available unsecured federal funds lines with five correspondent banks totaling $210.0 million, with no outstanding borrowings at September 30, 2021. The Bank also has the ability to perform unsecured overnight borrowing from various financial institutions through the American Financial Exchange platform (AFX). The availability of such unsecured borrowings fluctuates regularly and are subject to the counterparties discretion and totaled $441.0 million and $196.0 million at September 30, 2021 and December 31, 2020. Borrowings under the AFX totaled $100.0 million and zero at September 30, 2021 and December 31, 2020.
The Bank also maintained repurchase agreements and had no outstanding securities sold under agreements to repurchase at September 30, 2021 and December 31, 2020. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and the pledging of additional investment securities.