Other Borrowings

12 Months Ended

Dec. 31, 2019

(a) FHLB

The FHLB functions as a member-owned cooperative providing credit for member financial institutions. Advances are made pursuant to several different programs. Each credit program has its own interest rate and range of maturities. Limitations on the amount of advances are based on a percentage of the Bank's assets or on the FHLB’s assessment of the institution’s creditworthiness. At December 31, 2019, the Bank maintained a credit facility with the FHLB with available borrowing capacity of $945.2 million. The Bank had no FHLB advances outstanding at December 31, 2019 and December 31, 2018.

The following table sets forth the details of FHLB advances during and as of the years ended December 31, 2019 and 2018:



	December 31, 2019			December 31, 2018
	(In thousands)
FHLB Advances:
Average balance during the year	$	11,898		$	33,913
Maximum month-end balance during the year	$	90,700		$	154,500
Weighted average rate during the year	2.57		%	1.98		%
Weighted average rate at the end of year	n/a			n/a

Advances from the FHLB are collateralized by a blanket pledge on FHLB stock owned by the Bank, deposits at the FHLB, certain one-to-four single family residential loans or other assets, investment securities which are obligations of or guaranteed by the United States or other assets. In accordance with the pledge agreement, the Company must maintain unencumbered collateral in an amount equal to varying percentages ranging from 100% to 160% of outstanding advances depending on the type of collateral.

(b) Federal Funds Purchased

The Bank maintains advance lines with Wells Fargo Bank, US Bank, The Independent Bankers Bank, Pacific Coast Bankers’ Bank, and JP Morgan Chase to purchase federal funds of up to $140.0 million as of December 31, 2019. The lines generally mature annually or are reviewed annually. As of December 31, 2019 and 2018, there were no federal funds purchased.

The Bank maintains a credit facility with the Federal Reserve Bank with available borrowing capacity of $73.1 million as of December 31, 2019. There were no borrowings outstanding as of December 31, 2019 or 2018. Any advances on the credit facility would have to be first secured by the Bank's investment securities or loans receivable.