FEDERAL HOME LOAN BANK (FHLB) ADVANCES (Tables)

9 Months Ended

Sep. 30, 2014

FEDERAL HOME LOAN BANK ("FHLB") ADVANCES

Federal Home Loan Bank Advances

(in thousands)	September 30, 2014		December 31, 2013
Overnight advance with an interest rate of 0.08% due on October 1, 2014	$	130,000	$	—
Variable interest rate advance indexed to 3-Month LIBOR plus 0.14% due on December 19, 2014	10,000		10,000
Fixed interest rate advances with a weighted average interest rate of 1.84% due through 2023	422,000		495,000
Putable fixed interest rate advances with a weighted average interest rate of 4.39% due through 2017(1)	100,000		100,000
Total FHLB advances	$	662,000	$	605,000

(1) - Represents putable advances with the FHLB. These advances have original fixed rate periods ranging from one to five years with original maturities ranging from three to ten years if not put back to the Bank earlier by the FHLB. At the end of their respective fixed rate periods and on a quarterly basis thereafter, the FHLB has the right to require payoff of the advances by the Bank at no penalty. Based on market conditions at this time, the Bank does not believe that any of its putable advances are likely to be “put back” to the Bank in the short-term by the FHLB.

Aggregate Future Principal Payments on FHLB Advances

			Weighted
			Average
Year (dollars in thousands)	Principal		Rate
2014	210,000		0.96	%
2015	10,000		2.48	%
2016	82,000		1.74	%
2017	145,000		3.44	%
2018	97,500		1.50	%
2019	80,000		1.77	%
Thereafter	37,500		1.93	%
Total	$	662,000	1.86	%

Investment Securities Pledged

(in thousands)	September 30, 2014		December 31, 2013
First lien, single family residential real estate	$	1,253,537	$	1,082,624
Home equity lines of credit	100,783		105,957
Multi-family commercial real estate	9,373		13,124