Borrowings

The Company maintains a secured credit facility with the FHLB against which the Bank 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 $2.39 billion at March 31, 2016 and $2.36 billion at December 31, 2015. 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, 2016 and December 31, 2015, real estate secured loans with a carrying amount of approximately $3.17 billion and $3.13 billion, respectively, were pledged as collateral for borrowings from the FHLB. At March 31, 2016 and December 31, 2015, other than FHLB stock, no securities are pledged as collateral for borrowings from the FHLB.

At March 31, 2016 and December 31, 2015, FHLB advances were $530.5 million and $530.6 million, respectively, had a weighted average interest rate of 1.15% and 1.15%, respectively, and had various maturities through June 2020. At March 31, 2016 and December 31, 2015, $20.5 million and $20.6 million, respectively, of the advances were putable advances with various putable dates and strike prices. The stated rate of FHLB advances as of March 31, 2016 ranged between 0.44% and 2.02%. At March 31, 2016, the Company had a remaining borrowing capacity of $1.86 billion.

At March 31, 2016, the contractual maturities for FHLB advances were as follows:



	Contractual Maturities		Maturity/ Put Date
	(In thousands)
Due within one year	$	175,000	$	195,495
Due after one year through five years	355,495		335,000
	$	530,495	$	530,495

In addition, as a member of the FRB system, the Bank may also borrow from the FRB of San Francisco. The maximum amount that the Bank may borrow from the FRB’s discount window is up to 95% of the outstanding principal balance of the qualifying loans and the fair value of the securities that are pledged. At March 31, 2016, the outstanding principal balance of the qualifying loans was $742.9 million, and the collateral value of investment securities was $984 thousand. There were no borrowings outstanding against this line as of March 31, 2016 and December 31, 2015.