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Borrowings | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS The Company maintains a line of credit with the Federal Home Loan Bank (“FHLB”) of San Francisco as a secondary source of funds. The borrowing capacity is limited to the lower of 25% of the Bank’s total assets or the Bank’s collateral capacity, which was $3.81 billion and $3.54 billion at December 31, 2018 and 2017, respectively. The terms of this credit facility require the Bank to pledge eligible collateral with the FHLB equal to at least 100% of outstanding advances. The Company also has an unsecured credit facility with the FHLB totaling $91.0 million at December 31, 2018. At December 31, 2018 and December 31, 2017, real estate secured loans with a carrying amount of approximately $6.01 billion and $4.91 billion, respectively, were pledged at the FHLB for outstanding advances and remaining borrowing capacity. At December 31, 2018 and 2017, other than FHLB stock, no securities were pledged as collateral at FHLB. The purchase of FHLB stock is a prerequisite to become a member of the FHLB system, and the Company is required to own a certain amount of FHLB stock based on outstanding borrowings. At December 31, 2018 and 2017, FHLB advances were $821.3 million and $1.16 billion, and had a weighted average effective interest rate of 1.78% and 1.63%, respectively. All of the FHLB advances at December 31, 2018 had fixed interest rates until maturity. FHLB advances at December 31, 2018 had various maturities through December 2022. The effective interest rate on FHLB advances as of December 31, 2018 ranged between 1.06% and 2.47%. At December 31, 2018, the Company had a remaining borrowing capacity of $2.97 billion. At December 31, 2017, the Company also had $69.9 million in overnight federal funds purchased from lines at other banks. There were no federal funds purchased from other banks at December 31, 2018. At December 31, 2018, the contractual maturities for FHLB advances were as follows:
| December 31, 2018
Scheduled maturities in: | (Dollars in thousands)
2019 | $ | 345,000 |
2020 | 185,000 |
2021 | 145,000 |
2022 | 145,000 |
Premium on acquired advances - no maturity | 1,280 |
Total | $ | 821,280 |
As a member of the Federal Reserve Bank (“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 fair market value of the qualifying loans and securities that are pledged. At December 31, 2018, the outstanding principal balance of the qualifying loans pledged at the FRB was $1.00 billion and there were no investment securities pledged. At December 31, 2018 and December 31, 2017, the total available borrowing capacity at the FRB discount window was $786.6 million and $732.0 million, respectively. There were no borrowings outstanding at the FRB discount window as of December 31, 2018 and December 31, 2017.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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