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Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
At December 31, 2024, borrowings totaled $239.0 million, compared with $1.80 billion at December 31, 2023. All of the Company’s borrowings at December 31, 2024 and December 31, 2023, had maturities of less than 12 months. The tables below summarize the Company’s borrowing lines at December 31, 2024 and 2023:
December 31, 2024
Total
Borrowing Capacity		Borrowings OutstandingAvailable Borrowing Capacity
AmountWeighted Average Rate
(Dollars in thousands)
FHLB$4,151,408 $100,000 4.88 %$4,051,408 
FRB Discount Window1,731,467 139,000 4.50 %1,592,467 
Unsecured Federal Funds lines317,391 — — %317,391 
Total$6,200,266 $239,000 4.66 %$5,961,266 
December 31, 2023
Total
Borrowing Capacity		Borrowings OutstandingAvailable Borrowing Capacity
AmountWeighted Average Rate
(Dollars in thousands)
FHLB$4,167,168 $100,000 5.73 %$4,067,168 
FRB Discount Window630,369 — — %630,369 
FRB Bank Term Funding Program (“BTFP”)1,707,909 1,695,726 4.47 %12,183 
Unsecured Federal Funds lines312,315 — — %312,315 
Total$6,817,761 $1,795,726 4.54 %$5,022,035 
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. 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 December 31, 2024 and 2023, loans with a carrying amount of approximately $7.58 billion and $7.60 billion, respectively, were pledged at the FHLB for outstanding advances and remaining borrowing capacity. At December 31, 2024 and 2023, 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.
As a member of the FRB system, the Bank may also borrow from the FRB discount window. 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 December 31, 2024, the outstanding principal balance of the qualifying loans pledged at the FRB discount window was $1.98 billion. There were no investment securities pledged at the discount window at December 31, 2024.
The Company availed itself of the BTFP, which was created in March 2023 to enhance banking system liquidity by allowing institutions to pledge certain securities at par value and borrow at a rate of ten basis points over the one-year overnight index swap rate. The BTFP was available to federally insured depository institutions in the U.S., with advances having a term of up to one year with no prepayment penalties. In 2023, the BTFP was available to federally insured depository institutions in the U.S. at a fixed rate of ten basis points over the one-year overnight index swap rate, but in 2024, the interest rate was no lower than the interest rate on reserve balances in effect on the day the loan is made. The Company’s outstanding borrowings at December 31, 2023, were not subject to the new rate. The BTFP ceased extending new advances in March 2024. All outstanding borrowings from the BTFP were paid off as of December 31, 2024.
The Company also maintains unsecured federal funds borrowing lines with other banks. There were no borrowings outstanding from other banks at December 31, 2024 and 2023.