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Other Borrowings
12 Months Ended
Dec. 31, 2014
Borrowing [Abstract]  
Other Borrowings
Other Borrowings
(a) FHLB Advances

The Federal Home Loan Bank of Seattle 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. Depending on the program, limitations on the amount of advances are based either on a fixed percentage of an institution’s net worth or on the FHLB’s assessment of the institution’s creditworthiness. At December 31, 2014, the Bank maintained a credit facility with the FHLB of Seattle for $374.3 million. During the years ended December 31, 2014 and 2013, there were no FHLB borrowing transactions completed other than minimal amounts necessary to test the facilities. At December 31, 2014 and 2013 there were no FHLB advances outstanding.

Advances from the FHLB are collateralized by a blanket pledge on FHLB stock owned by the Bank, deposits at the FHLB and all mortgages or deeds of trust securing such properties. In accordance with the pledge agreement, the Company must maintain unencumbered collateral in an amount equal to varying percentages ranging from 100% to 125% of outstanding advances depending on the type of collateral. At December 31, 2014, the Bank was not required to maintain collateral in order to meet the collateral requirements of the FHLB.

(b) Federal Funds Purchased

The Bank maintains advance lines with Zions Bank, Wells Fargo Bank, US Bank and Pacific Coast Bankers’ Bank to purchase federal funds of up to $43.0 million as of December 31, 2014. The lines generally mature annually or are reviewed annually. As of December 31, 2014 and 2013, there were no federal funds purchased.

(c) Credit facilities

The Bank maintains a credit facility with the Federal Reserve Bank of San Francisco for $53.2 million as of December 31, 2014, of which there were no borrowings outstanding as of December 31, 2014 or 2013. Any advances on the credit facility would have to be first pledged with the Bank's investment securities or loans.