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FEDERAL HOME LOAN BANK ADVANCES AND SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2022
Federal Home Loan Banks [Abstract]  
FEDERAL HOME LOAN BANK ADVANCES AND SHORT-TERM BORROWINGS FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS
FHLB Advances
The following table presents advances from the FHLB as of the dates indicated:
($ in thousands)December 31,
2022		December 31,
2021
Fixed rate:
Outstanding balance (1)
$711,000 $411,000 
Interest rates ranging from0.64 %0.64 %
Interest rates ranging to3.70 %3.32 %
Weighted average interest rate2.97 %2.53 %
Variable rate:
Outstanding balance20,000 70,000 
Weighted average interest rate4.59 %0.20 %
(1)Excludes $3.7 million and $4.9 million of unamortized debt issuance costs at December 31, 2022 and 2021.
    
The following table presents contractual maturities by year of the FHLB advances as of December 31, 2022:
($ in thousands)20232024202520262027ThereafterTotal
Fixed rate$— $— $291,000 $20,000 $400,000 $— $711,000 
Variable rate20,000 — — — — — 20,000 
Total$20,000 $— $291,000 $20,000 $400,000 $— $731,000 

Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty.
At December 31, 2022, FHLB advances included $20.0 million in overnight borrowings, $611.0 million in term advances and $100.0 million in term advances with a put feature. The putable advances have a 5-year term but can be called quarterly until maturity at the option of the FHLB beginning December 6, 2023.
FHLB advances are collateralized by a blanket lien on all real estate loans. Our secured borrowing capacity with the FHLB totaled $1.99 billion based on qualifying loans with an aggregate unpaid principal balance of $2.96 billion as of that date. The Bank has additional borrowing capacity with the FHLB of $162.4 million based on investment securities pledged with a carrying value of $214.4 million. As of December 31, 2022, the available secured borrowings from FHLB totaled $1.06 billion.
In June 2020, we repaid early a $100.0 million FHLB term advance with an 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 lower market interest rates.
The Bank’s investment in capital stock of the FHLB of San Francisco totaled $22.6 million and $17.3 million at December 31, 2022 and 2021.
The following table presents financial data of FHLB advances as of the dates or for the periods indicated:
As of or For the Year Ended December 31,
($ in thousands)202220212020
Weighted-average interest rate at end of year3.02 %2.19 %2.15 %
Average interest rate during the year2.87 %2.82 %2.41 %
Average balance$528,590 $426,875 $749,195 
Maximum amount outstanding at any month-end$771,000 $641,000 $1,210,000 
Balance at end of year(1)
$731,000 $481,000 $546,000 
(1)Excludes $3.7 million, $4.9 million and $6.2 million of unamortized debt issuance costs at December 31, 2022, 2021 and 2020.
FRB Advances
At December 31, 2022 and 2021, the Bank had borrowing capacity with the FRBSF of $949.1 million and $455.4 million, including the secured borrowing capacity through the Federal Reserve Discount Window and BIC program. Borrowings under
the BIC program are overnight advances with interest chargeable at the discount window (“primary credit”) borrowing rate. At December 31, 2022, the Bank had pledged certain qualifying loans with an unpaid principal balance of $1.31 billion and securities with a carrying value of $122.6 million as collateral for these secured lines of credit. At December 31, 2021, the Bank had pledged certain qualifying loans with an unpaid principal balance of $813.8 million and securities with a carrying value of $8.9 million as collateral for these secured lines of credit.
There were no borrowings from the Federal Reserve Discount Window and no borrowings under the BIC program for the years ended December 31, 2022 and 2021.
The Bank’s investment in capital stock of the Federal Reserve totaled $34.5 million and $27.3 million at December 31, 2022 and 2021.
Other Borrowings
The Bank maintained available unsecured federal funds lines with five correspondent banks totaling $210.0 million, with no outstanding borrowings at December 31, 2022 and 2021. The Bank also has the ability to access unsecured overnight borrowings from various financial institutions through the AFX platform. The availability of such unsecured borrowings fluctuates regularly and are subject to the counterparties discretion and totaled $445.0 million and $441.0 million at December 31, 2022 and 2021. Borrowings under the AFX totaled zero and $25.0 million at December 31, 2022 and 2021.
In December 2021, the holding company entered into a $50.0 million revolving line of credit, which was renewed in December 2022. The line of credit matures on December 18, 2023 and is subject to certain operational and financial covenants. We have the option to select paying interest using either (i) Prime Rate or (ii) SOFR + 1.85% and are subject to an unused commitment fee of 0.40% per annum. There were no borrowings outstanding under this line of credit at December 31, 2022 and 2021, and we were in compliance with all covenants.
The Bank also maintained repurchase agreements and had no outstanding securities sold under such agreements at December 31, 2022 and 2021. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and the pledging of additional investment securities.