Federal Home Loan Bank Stock

6 Months Ended

Jun. 30, 2015

FHLB stock

Federal Home Loan Bank Stock

Federal Home Loan Bank Stock

(7)Federal Home Loan Bank Stock

On June 1, 2015, the Federal Home Loan Bank of Seattle (FHLB Seattle) completed its merger with the Federal Home Loan Bank of Des Moines (FHLB Des Moines).  After the merger, the FHLB Des Moines repurchased all outstanding excess capital stock, resulting in the repurchase of $7.2 million of capital stock we held in the FHLB Des Moines.  Combined with $279,000 of additional net stock purchases related to collateral on new advances, this resulted in a decrease in our investment in FHLB stock from $11.2 million at December 31, 2014 to $4.3 million at June 30, 2015.