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Borrowings
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Borrowings Borrowings
At September 30, 2022, borrowings totaled $1.07 billion consisting of $700.0 million in FHLB borrowings and $372.0 million in borrowings from the FRB compared to $300.0 million in FHLB borrowings at December 31, 2021. There were no borrowings from the FRB at December 31, 2021.
The Company maintains a line of credit with the FHLB of San Francisco as a secondary source of funds. The borrowing capacity with the FHLB is limited to the lower of either 25% of the Bank’s total assets or the Bank’s collateral capacity, and was $4.52 billion at September 30, 2022, and $4.45 billion at December 31, 2021. The terms of this credit facility require the Company 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 that totaled $81.2 million at September 30, 2022 and December 31, 2021.
At September 30, 2022 and December 31, 2021, loans with a carrying amount of approximately $7.85 billion and $6.96 billion, respectively, were pledged at the FHLB for outstanding advances and remaining borrowing capacity. At September 30, 2022 and December 31, 2021, other than FHLB stock, no securities were pledged as collateral at the 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 total asset size and outstanding borrowings.
FHLB advances had weighted average interest rates of 3.04% and 0.92%, at September 30, 2022 and December 31, 2021, respectively. FHLB advances at September 30, 2022 and December 31, 2021 had various maturities through December 2022. The interest rates of FHLB advances as of September 30, 2022 ranged between 2.39% and 3.22%. At September 30, 2022, the Company’s remaining borrowing capacity with the FHLB was $3.81 billion.
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 99% of the fair market value of the qualifying loans and securities that are pledged. At September 30, 2022, the outstanding principal balance of the qualifying loans pledged at the FRB was $923.2 million and there was one investment security pledged at the discount window with a fair value of $1.1 million. At September 30, 2022 and December 31, 2021, the total remaining available borrowing capacity at the FRB discount window was $420.6 million and $606.6 million, respectively. The Company had $372.0 million and $0 in borrowings from the FRB discount window at September 30, 2022 and December 31, 2021, respectively. The FRB borrowing outstanding at September 30, 2022 was an overnight borrowing and had an interest rate of 3.25%.
The Company also maintains unsecured borrowing lines with other banks. There were no unsecured borrowings from other banks at September 30, 2022 and December 31, 2021.