Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2015

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

Federal Home Loan Bank Advances

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, 2015 and 2014, the carrying value of the loans pledged to the FHLB of Des Moines was $633.5 million and $649.7 million, respectively. The secured line of credit had availability of approximately $239.6 million at December 31, 2015.

The Company also has an $8.3 million investment in the capital stock of the FHLB of Des Moines at December 31, 2015.

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

		2015				2014
(in thousands)	Term	Outstanding Balance		Weighted Rate		Outstanding Balance		Weighted Rate
Non-amortizing fixed advance	Less than 1 year	$	110,000	0.45	%	$	144,000	0.28	%
Non-amortizing fixed advance	Greater than 1 year	—		—	%	—		—	%
Total Federal Home Loan Bank Advances		$	110,000	0.45	%	$	144,000	0.28	%

In December 2014, the Company prepaid $50 million of FHLB advances with a weighted average interest rate of 3.17%, and a maturity of 3 years, and incurred a prepayment penalty of $2.9 million for asset/liability management purposes. In December 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.

In addition to the above advances, at December 31, 2015, the Company used $11.4 million of collateral value to secure confirming letters of credit for public unit deposits and industrial development bonds.