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Borrowings

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Borrowings

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 $2.51 billion at June 30, 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 June 30, 2016 and December 31, 2015, real estate secured loans with a carrying amount of approximately $3.33 billion and $3.13 billion, respectively, were pledged as collateral for borrowings from the FHLB. At June 30, 2016 and December 31, 2015, other than FHLB stock, no securities were pledged as collateral for borrowings from the FHLB.

At June 30, 2016 and December 31, 2015, FHLB advances were $610.4 million and $530.6 million, respectively, had a weighted average interest rate of 1.28% and 1.15%, respectively, and had various maturities through June 2021. At June 30, 2016 and December 31, 2015, $20.4 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 June 30, 2016 ranged between 0.41% and 3.67%. At June 30, 2016, the Company had a remaining borrowing capacity of $1.90 billion.

At June 30, 2016, the contractual maturities for FHLB advances were as follows:

	Contractual Maturities				Maturity/ Put Date
	(In thousands)
Due within one year	$	145,000			$	165,398
Due after one year through five years	465,398				445,000
	$	610,398			$	610,398

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 June 30, 2016, the outstanding principal balance of the qualifying loans was $735.4 million, and the collateral value of investment securities was $924 thousand. There were no borrowings outstanding against this line as of June 30, 2016 and December 31, 2015.

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- References

No definition available.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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