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Borrowings and Subordinated Debentures
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Borrowings and Subordinated Debentures BORROWINGS AND SUBORDINATED DEBT
Borrowings
The following table summarizes our borrowings as of the dates indicated:
June 30, 2021December 31, 2020
WeightedWeighted
AverageAverage
BalanceRateBalanceRate
(Dollars in thousands)
FHLB secured advances$— — %$5,000 — %
Other borrowings6,625 6.50 %— — %
Total borrowings$6,625 6.50 %$5,000 — %
The other borrowings were assumed in connection with the Civic acquisition and have a weighted average remaining term of 3.1 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 June 30, 2021 of $3.3 billion, collateralized by a blanket lien on $5.5 billion of qualifying loans.
The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated:
June 30, 2021December 31, 2020
MaturityMaturity
BalanceRateDateBalanceRateDate
(Dollars in thousands)
FHLB term advance$— — %$5,000 — %5/6/2021
Other borrowing6,625 6.50 %10/1/2021— — %—
Total $6,625 6.50 %$5,000 — %
FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of June 30, 2021, the Bank had secured borrowing capacity of $1.4 billion collateralized by liens covering $1.9 billion of qualifying loans. As of June 30, 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 June 30, 2021 and December 31, 2020.
Federal Funds Arrangements with Commercial Banks. As of June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020, there were no borrowings outstanding.
Subordinated Debt
The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated:
June 30, 2021December 31, 2020DateMaturityRate Index
SeriesBalance
Rate (1)
Balance
Rate (1)
IssuedDate(Quarterly Reset)
(Dollars in thousands)
Subordinated notes, net (2)
$394,390 3.25 %$— — %4/30/20215/1/2031
Fixed rate (3)
Trust V10,310 3.22 %10,310 3.33 %8/15/20039/17/2033
3-month LIBOR + 3.10
Trust VI10,310 3.17 %10,310 3.27 %9/3/20039/15/2033
3-month LIBOR + 3.05
Trust CII5,155 3.07 %5,155 3.18 %9/17/20039/17/2033
3-month LIBOR + 2.95
Trust VII61,856 2.94 %61,856 2.96 %2/5/20044/23/2034
3-month LIBOR + 2.75
Trust CIII20,619 1.81 %20,619 1.91 %8/15/20059/15/2035
3-month LIBOR + 1.69
Trust FCCI16,495 1.72 %16,495 1.82 %1/25/20073/15/2037
3-month LIBOR + 1.60
Trust FCBI10,310 1.67 %10,310 1.77 %9/30/200512/15/2035
3-month LIBOR + 1.55
Trust CS 2005-182,475 2.07 %82,475 2.17 %11/21/200512/15/2035
3-month LIBOR + 1.95
Trust CS 2005-2128,866 2.14 %128,866 2.16 %12/14/20051/30/2036
3-month LIBOR + 1.95
Trust CS 2006-151,545 2.14 %51,545 2.16 %2/22/20064/30/2036
3-month LIBOR + 1.95
Trust CS 2006-251,550 2.14 %51,550 2.16 %9/27/200610/30/2036
3-month LIBOR + 1.95
Trust CS 2006-3 (4)
30,564 1.52 %31,487 1.54 %9/29/200610/30/2036
3-month EURIBOR + 2.05
Trust CS 2006-4 16,470 2.14 %16,470 2.16 %12/5/20061/30/2037
3-month LIBOR + 1.95
Trust CS 2006-5 6,650 2.14 %6,650 2.16 %12/19/20061/30/2037
3-month LIBOR + 1.95
Trust CS 2007-239,177 2.14 %39,177 2.16 %6/13/20077/30/2037
3-month LIBOR + 1.95
Total subordinated debt936,742 2.65 %543,275 2.24 %
Acquisition discount (5)
(74,954)(77,463)
Net subordinated debt$861,788 $465,812 
___________________
(1)    Rates do not include the effects of discounts and issuance costs.
(2)    Net of issuance costs of $5.6 million.
(3)    Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly at a benchmark rate plus 252 basis points.
(4)    Denomination is in Euros with a value of €25.8 million.
(5)    Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.