Borrowings

We maintain a secured credit facility with the Federal Home Loan Bank of San Francisco ("FHLB") against which the Company may take advances. The borrowing capacity is limited to the lower of 25% of the Bank's total assets or the Bank's collateral capacity, which was $1.3 billion at March 31, 2012 and December 31, 2011. The terms of this credit facility require the Company to pledge eligible collateral with the FHLB equal to at least 100% of outstanding advances.

At March 31, 2012 and December 31, 2011, real estate secured loans with a carrying amount of approximately $2.0 billion were pledged as collateral for borrowings from the FHLB. At March 31, 2012 and December 31, 2011, other than FHLB stock, securities totaling $2.2 million and $3.0 million, respectively, were pledged as collateral for borrowings from the FHLB.

At March 31, 2012 and December 31, 2011, FHLB borrowings were $332.1 million and $344.4 million, had a weighted average interest rate of 1.85% and 1.93%, respectively, and had various maturities through September 2017. At March 31, 2012 and December 31, 2011, $205 million of the advances were putable advances with various putable dates and strike prices. The cost of FHLB borrowings as of March 31, 2012 ranged between 0.23% and 4.52%. At March 31, 2012, the Company had a remaining borrowing capacity of $906.6 million.

At March 31, 2012, the contractual maturities for FHLB-SF borrowings were as follows:


	Contractual Maturities		Maturity/ Put Date
	(In thousands)
Due within one year	$	239,084	$	304,084
Due after one year through five years		70,000		25,000
Due after five years through ten years		20,000		0

	$	329,084	$	329,084

In addition, as a member of the Federal Reserve Bank system, we may also borrow from the Federal Reserve Bank of San Francisco. The maximum amount that we may borrow from the Federal Reserve Bank's discount window is up to 95% of the outstanding principal balance of the qualifying loans and the fair value of the securities that we pledge. At March 31, 2012, the principal balance of the qualifying loans were $511.1 million and the collateral value of investment securities were $46.9 million, and no borrowing were outstanding against this line.