Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2018

Long-term Federal Home Loan Bank Advances [Abstract]

Federal Home Loan Bank Advances and Other Borrowings

As of December 31, 2018, the Company has a line of credit with the FHLB that provides for advances totaling up to 45% of the Company’s assets, equating to a credit line of $5.18 billion, of which $1.78 billion was available for borrowing. The available for borrowing was based on collateral pledged by real estate loans with an aggregate balance of $3.30 billion.

At December 31, 2018, the Company had $506.0 million in overnight FHLB advances and $161.5 million term advances, compared to $310.0 million in overnight FHLB advances and $180.0 million term advances at December 31, 2017. The term advance have maturity dates ranging from January 2019 to June of 2022 and rates ranging from 1.53% to 2.73%.

The following table summarizes activities in advances from the FHLB for the periods indicated:



	Year Ended December 31,
	2018			2017
	(dollars in thousands)
Average balance outstanding	$	529,278		$	290,839
Maximum amount outstanding at any month-end during the year	883,612			490,148
Balance outstanding at end of year	667,606			490,148
Weighted average interest rate during the year	2.51		%	1.19		%

At December 31, 2018 and December 31, 2017, the Company had an uncollateralized and unused repurchase facility with Union Bank of $50.0 million.

The Company had Bank-related credit facilities with Citigroup and Barclays Bank at December 31, 2017. The outstanding credit facilities were secured by pledged MBS with an estimated fair value of $27.3 million. At December 31, 2017, the Company had borrowings of $18.5 million with Citigroup that matured in September of 2018, $10.0 million with Barclays Bank that matured in February of 2018. The Company did not renew these credit facilities.

The Company sells certain securities under agreements to repurchase. The agreements are treated as overnight borrowings with the obligations to repurchase securities sold reflected as a liability. The dollar amount of investment securities underlying the agreements remain in the asset accounts. The Company enters into these debt agreements as a service to certain HOA depositors to add protection for deposit amounts above FDIC insurance levels. At December 31, 2018, the Company sold securities under agreement to repurchase of $75,000 with weighted average rate of 0.01% and collateralized by investment securities with fair value of approximately $20.9 million. The average balance of repurchase agreement facilities was $15.0 million during the year ended December 31, 2018.

At December 31, 2018, the Bank had unsecured lines of credit with eight correspondent banks for a total amount of $168.0 million and access through the Federal Reserve discount window to borrow $3.3 million. At December 31, 2018 and December 31, 2017, the Company had no outstanding balances against these lines.

In addition, the Corporation acquired a line of credit with Wells Fargo Bank in June of 2017, with availability of $15.0 million. The line, which matures in June 2019, was added to provide an additional source of liquidity at the Corporation level and has no outstanding balance at December 31, 2018 and December 31, 2017.

The following table summarizes activities in other borrowings for the periods indicated:



	Year Ended December 31,
	2018			2017
	(dollars in thousands)
Average balance outstanding	$	29,193		$	50,866
Maximum amount outstanding at any month-end during the year	52,091			52,996
Balance outstanding at end of year	75			46,139
Weighted average interest rate during the year	0.01		%	1.86		%