Borrowings
The Company had secured advances from the FHLB as of December 31, 2025 and 2024 with carrying values of $3.2 billion and $3.1 billion, respectively.
The following table presents selected information for outstanding borrowings for the years ended December 31, 2025 and 2024:
| | | | | | | | | | | | | | |
(in millions) | | 2025 | | 2024 |
| FHLB Advances | | | | |
| Balance at end of period | | $ | 3,200 | | | $ | 3,100 | |
| Average balance during period | | $ | 2,830 | | | $ | 2,431 | |
| Maximum month end balance during period | | $ | 3,375 | | | $ | 3,100 | |
| Weighted average rate at December 31 | | 4.0 | % | | 5.0 | % |
| Weighted average rate during period | | 4.4 | % | | 5.2 | % |
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The FHLB advances have fixed rates ranging from 3.85% to 4.06% and are set to mature in 2026. The FHLB requires the Bank to maintain a required level of investment in FHLB and sufficient collateral to qualify for secured advances. The Bank has pledged as collateral for these secured advances all FHLB stock, all funds on deposit with the FHLB, investment and CRE portfolios, accounts, general intangibles, equipment and other property in which a security interest can be granted by the Bank to the FHLB. Total value of loans and securities pledged to the FHLB were $27.0 billion as of December 31, 2025.
Prior to March 2024, the Bank had access to borrowings under the FRB BTFP, which was subject to certain collateral requirements, namely the amount of pledged investment securities. For the year ended December 31, 2024, the maximum outstanding month end balance of borrowings under the FRB BTFP was $1.6 billion and the average outstanding was $1.3 billion. We fully repaid borrowings under the FRB BTFP during the fourth quarter of 2024. The weighted average interest rate on the borrowings was 4.8% in 2024. There were no securities pledged to the FRB as of December 31, 2025 and 2024.
At December 31, 2025 and 2024, the Company had no outstanding federal funds purchased balances. The Bank had available lines of credit with the FHLB totaling $13.8 billion as of December 31, 2025, subject to certain collateral requirements. The Bank had available Discount Window line of credit with the Federal Reserve totaling $6.5 billion subject to certain collateral requirements, namely the amount of certain pledged loans and securities as of December 31, 2025. The Bank had uncommitted federal funds line of credit agreements with additional financial institutions totaling $700 million as of December 31, 2025. Availability of the lines is subject to federal funds balances available for loan and continued borrower eligibility and are reviewed and renewed periodically throughout the year. These lines are intended to support short-term liquidity needs, and the agreements may restrict consecutive day usage.
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.