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Federal Home Loan Bank Advances
 12 Months Ended
Dec. 31, 2019
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, certain commercial real estate loans, and investment securities. At December 31, 2019 and 2018, the carrying value of the loans pledged to the FHLB of Des Moines was $1.6 billion and $1.2 billion, respectively. The secured line of credit had availability of approximately $742.4 million at December 31, 2019.

The following table summarizes the type, maturity, and rate of the Company’s FHLB advances at December 31:
 
 
2019
 
2018
($ in thousands)
Term
Outstanding Balance
Weighted Rate
 
Outstanding Balance
Weighted Rate
Non-amortizing fixed advance
Less than 1 year
$
170,000

1.73
%
 
$
70,000

2.63
%
Non-amortizing fixed advance
Greater than 1 year
52,406

1.62
%
 
—

—
%
Total FHLB advances
 
$
222,406

1.70
%
 
$
70,000

2.63
%


In August 2019, the Company entered into agreements totaling $50 million for convertible advances with a weighted average rate of 1.56% that mature in 2024 and are puttable by the FHLB after one year.

At December 31, 2019, the Company used $4.7 million of collateral value to secure confirming letters of credit for public unit deposits and industrial development bonds.