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Borrowings and Subordinated Debentures
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Borrowings and Subordinated Debentures BORROWINGS AND SUBORDINATED DEBENTURES
Borrowings
The following table summarizes our borrowings as of the dates indicated:
March 31, 2021December 31, 2020
WeightedWeighted
AverageAverage
BalanceRateBalanceRate
(Dollars in thousands)
FHLB secured advances$5,000 — %$5,000 — %
Other borrowings14,750 6.50 %— — %
Total borrowings$19,750 4.86 %$5,000 — %
The other borrowings were assumed in connection with the Civic acquisition and have a weighted average remaining term of 5.5 months.
The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions.
FHLB Secured Line of Credit. The Bank had secured financing capacity with the FHLB as of March 31, 2021 of $3.5 billion, collateralized by a blanket lien on $5.0 billion of qualifying loans.
The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated:
March 31, 2021December 31, 2020
MaturityMaturity
BalanceRateDateBalanceRateDate
(Dollars in thousands)
FHLB term advance$5,000 — %5/6/2021$5,000 — %5/6/2021
Other borrowing8,125 6.50 %9/1/2021— — %—
Other borrowing6,625 6.50 %10/1/2021— — %—
Total $19,750 4.86 %$5,000 — %
FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of March 31, 2021, the Bank had secured borrowing capacity of $1.4 billion collateralized by liens covering $1.8 billion of qualifying loans. As of March 31, 2021 and December 31, 2020, there were no balances outstanding.
FHLB Unsecured Line of Credit. The Bank has a $112.0 million unsecured line of credit with the FHLB for the purchase of overnight funds, of which there were no balances outstanding at March 31, 2021 and December 31, 2020.
Federal Funds Arrangements with Commercial Banks. As of March 31, 2021, the Bank had unsecured lines of credit of $180.0 million in the aggregate with several correspondent banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of March 31, 2021 and December 31, 2020, there were no balances outstanding. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of March 31, 2021 and December 31, 2020, there were no overnight borrowings outstanding.
Subordinated Debentures
The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:
March 31, 2021December 31, 2020DateMaturityRate Index
SeriesBalance
Rate
Balance
Rate
IssuedDate(Quarterly Reset)
(Dollars in thousands)
Trust V$10,310 3.28 %$10,310 3.33 %8/15/20039/17/2033
3-month LIBOR + 3.10
Trust VI10,310 3.23 %10,310 3.27 %9/3/20039/15/2033
3-month LIBOR + 3.05
Trust CII5,155 3.13 %5,155 3.18 %9/17/20039/17/2033
3-month LIBOR + 2.95
Trust VII61,856 2.96 %61,856 2.96 %2/5/20044/23/2034
3-month LIBOR + 2.75
Trust CIII20,619 1.87 %20,619 1.91 %8/15/20059/15/2035
3-month LIBOR + 1.69
Trust FCCI16,495 1.78 %16,495 1.82 %1/25/20073/15/2037
3-month LIBOR + 1.60
Trust FCBI10,310 1.73 %10,310 1.77 %9/30/200512/15/2035
3-month LIBOR + 1.55
Trust CS 2005-182,475 2.13 %82,475 2.17 %11/21/200512/15/2035
3-month LIBOR + 1.95
Trust CS 2005-2128,866 2.16 %128,866 2.16 %12/14/20051/30/2036
3-month LIBOR + 1.95
Trust CS 2006-151,545 2.16 %51,545 2.16 %2/22/20064/30/2036
3-month LIBOR + 1.95
Trust CS 2006-251,550 2.16 %51,550 2.16 %9/27/200610/30/2036
3-month LIBOR + 1.95
Trust CS 2006-3 (1)
30,234 1.51 %31,487 1.54 %9/29/200610/30/2036
3-month EURIBOR + 2.05
Trust CS 2006-4 16,470 2.16 %16,470 2.16 %12/5/20061/30/2037
3-month LIBOR + 1.95
Trust CS 2006-5 6,650 2.16 %6,650 2.16 %12/19/20061/30/2037
3-month LIBOR + 1.95
Trust CS 2007-239,177 2.16 %39,177 2.16 %6/13/20077/30/2037
3-month LIBOR + 1.95
Gross subordinated debentures542,022 2.23 %543,275 2.24 %
Unamortized discount (2)
(76,208)(77,463)
Net subordinated debentures$465,814 $465,812 
___________________
(1)    Denomination is in Euros with a value of €25.8 million.
(2)    Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.