Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2013

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

FEDERAL HOME LOAN BANK ADVANCES

FHLB advances are collateralized by 1-4 family residential real estate loans, business loans and certain commercial real estate loans. At December 31, 2013 and 2012, the carrying value of the loans pledged to the FHLB of Des Moines was $540.7 million and $442.2 million, respectively. The secured line of credit had availability of approximately $235.5 million at December 31, 2013.

Enterprise also has a $6.0 million investment in the capital stock of the FHLB of Des Moines and a $732,000 investment in the capital stock of the FHLB of San Francisco at December 31, 2013.

The following table summarizes the type, maturity and rate of the Company's FHLB advances at December 31:



		2013				2012
(in thousands)	Term	Outstanding Balance		Weighted Rate		Outstanding Balance		Weighted Rate
Long term non-amortizing fixed advance	2 - 3 years	—		—	%	10,000		4.53	%
Long term non-amortizing fixed advance	3 - 4 years	50,000		3.17	%	—		—	%
Long term non-amortizing fixed advance	4 - 5 years	—		—	%	70,000		3.37	%
Total Federal Home Loan Bank Advances		$	50,000	3.17	%	$	80,000	3.52	%

All FHLB advances have fixed interest rates. The remaining $50.0 million advances are callable by the FHLB as of December 31, 2013. On December 31, 2013, the Company prepaid $30.0 million of FHLB advances with a weighted average interest rate of 4.09%, and a maturity of 3 years, and incurred a prepayment penalty of $2.6 million for asset/liability management purposes. In addition to the above advances, at December 31, 2013, the Company also had used $12.9 million of collateral value to secure confirming letters of credit for public unit deposits and industrial development bonds.

- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

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