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FEDERAL HOME LOAN BANK ADVANCES | 12 Months Ended
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Dec. 31, 2013
FEDERAL HOME LOAN BANK ADVANCES |
FEDERAL HOME LOAN BANK ADVANCES | NOTE 15—FEDERAL HOME LOAN BANK ADVANCES Federal Home Loan Bank (“FHLB”) advances and their related weighted average interest rates are summarized as follows:
|  | December 31, 2013 |  | December 31, 2012 |
|  | Amount |  | Rate |  | Amount |  | Rate |
Year of Maturity |  | (Dollars in thousands) |
2014 |  | $ | — |  | —% |  | $ | — |  | —% |
2015 |  | — |  | —% |  | — |  | —% |
2016 |  | — |  | —% |  | — |  | —% |
2017 |  | — |  | —% |  | — |  | —% |
After 2017 |  | 315,092 |  | 0.61% |  | 312,975 |  | 0.63% |
Total |  | $ | 315,092 |  | 0.61% |  | $ | 312,975 |  | 0.63% |
Total outstanding FHLB advances amounted to $315.1 million and $313.0 million at December 31, 2013 and 2012, respectively. There were no outstanding overnight borrowings at December 31, 2013 and 2012. During the year, the Company did not restructure any FHLB advances. In comparison, the Company restructured FHLB advances of $375.0 million during 2012, reducing the contractual average effective rates on these borrowings. As a result of the modification the Company incurred a $48.2 million modification cost which has been deferred and is being treated as a discount on the corresponding debt. All advances as of December 31, 2013 and December 31, 2012 are secured by real estate loans. The Company’s available borrowing capacity from unused FHLB advances totaled $3.70 billion and $3.25 billion at December 31, 2013 and 2012, respectively. The Company’s available borrowing capacity from FHLB advances is derived from its outstanding FHLB advances and from its portfolio of loans that are pledged to the FHLB. There was no prepayment of FHLB advances during 2013. In comparison, the Company prepaid $93.0 million of FHLB advances, with a related $6.8 million in prepayment penalties during 2012. Also, at December 31, 2013 and 2012, the Company had additional available borrowing capacity of $1.42 billion and $1.31 billion, respectively, from the Federal Reserve Bank’s discount window derived from its portfolio of loans that are pledged to the Federal Reserve Bank.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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