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Other Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Other Borrowings Other Borrowings
A summary of the balances of other borrowings follows:
December 31,
20232022
(in thousands)
Overnight borrowing at FHLB, fixed rate, as of December 31, 2023 of 5.70%, payable on January 2, 2024
$400,000 $— 
Term borrowing at FHLB, fixed rate, as of December 31, 2023 of 4.75%, payable on April 8, 2024
200,000 — 
Overnight borrowing at FHLB, fixed rate, as of December 31, 2022 of 4.65%, payable on January 3, 2023
— 216,700 
Other collateralized borrowings, fixed rate, as of December 31, 2023 and 2022 of 0.05%, payable on January 2, 2024 and January 3, 2023, respectively
32,582 47,905 
Total other borrowings$632,582 $264,605 
Other collateralized borrowings are generally overnight maturity borrowings from non-financial institutions that are collateralized by securities owned by the Company. As of December 31, 2023, the Company has pledged as collateral and sold under agreements to repurchase investment securities with fair value of $32.6 million under these other collateralized borrowings.
The Company maintains a collateralized line of credit with the FHLB. Based on the FHLB stock requirements at December 31, 2023, this line provided for maximum borrowings of $2.5 billion of which $600.0 million was outstanding. As of December 31, 2023, the Company had designated investment securities with a fair value of $69.2 million and loans with unpaid principal balances totaling $4.6 billion as potential collateral under this collateralized line of credit with the FHLB.
The Company maintains a collateralized line of credit with the Federal Reserve Bank of San Francisco (“FRB”). As of December 31, 2023, this line provided for maximum borrowings of $350.0 million of which none was outstanding. As of December 31, 2023, the Company has loans with unpaid principal balances totaling $444.5 million as potential collateral under this collateralized line of credit with the FRB.
The Company has available unused correspondent banking lines of credit from commercial banks totaling $30.0 million for federal funds transactions at December 31, 2023.