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Federal Home Loan Bank and Federal Reserve Bank Borrowings | 12 Months Ended
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Dec. 31, 2013
Federal Home Loan Bank and Federal Reserve Bank Borrowings [Abstract] |
Federal Home Loan Bank and Federal Reserve Bank Borrowings | Federal Home Loan Bank and Federal Reserve Bank Borrowings FEDERAL HOME LOAN BANK The Company has entered into borrowing arrangements with the FHLB of Seattle to borrow funds under a short-term floating rate cash management advance program and fixed-term loan agreements. All borrowings are secured by stock of the FHLB and a blanket pledge of qualifying loans receivable. At December 31, 2013 FHLB advances were scheduled to mature as follows:
|  | Federal Home Loan Bank Advances Fixed rate advances
|  | Wtd Avg Rate |  | Amount
|  | (dollars in thousands)
Within 1 year |  | 0.23 | % |  | $ | 30,000 |
Over 1 through 5 years |  | 5.66 | % |  | 1,000 |
Due after 10 years |  | 5.37 | % |  | 5,000 |
Total |  | 36,000 |
Valuation adjustment from acquisition accounting |  | 606 |
Total |  | $ | 36,606 |
The maximum, average outstanding and year-end balances and average interest rates on advances from the FHLB were as follows for the years ended December 31, 2013, 2012 and 2011:
|  | Years ended December 31,
|  | 2013 |  | 2012 |  | 2011
|  | (dollars in thousands)
Balance at end of year |  | $ | 36,606 |  |  | $ | 6,644 |  |  | $ | 119,009 |
Average balance during the year |  | $ | 51,030 |  |  | $ | 100,337 |  |  | $ | 120,419 |
Maximum month-end balance during the year |  | $ | 190,631 |  |  | $ | 118,967 |  |  | $ | 127,426 |
Weighted average rate during the year |  | 1.12 | % |  | 2.79 | % |  | 2.76 | %
Weighted average rate at December 31 |  | 1.09 | % |  | 5.42 | % |  | 2.81 | %
FHLB advances are collateralized by the following:
|  | December 31,
|  | 2013 |  | 2012
|  | (in thousands)
Recorded value of blanket pledge on loans receivable |  | $ | 1,075,389 |  |  | $ | 443,419 |
Total |  | $ | 1,075,389 |  |  | $ | 443,419 |
FHLB borrowing capacity |  | $ | 1,037,159 |  |  | $ | 435,189 |
FEDERAL RESERVE BANK The Company is also eligible to borrow under the Federal Reserve Bank’s primary credit program, including the Term Auction Facility auctions. All borrowings are secured by certain pledged available for sale investment securities. Although the Company has not had FRB borrowings in the last three years, the Company pledges securities and loans for borrowing capacity at the Federal Reserve Bank. The following table shows amounts pledged to the Federal Reserve Bank:
|  | December 31,
|  | 2013 |  | 2012
|  | (in thousands)
Fair value of investment securities |  | $ | 40,210 |  |  | $ | 45,641 |
Recorded value of pledged commercial loans |  | 45,242 |  |  | 13,815 |
Total |  | $ | 85,452 |  |  | $ | 59,456 |
Federal Reserve Bank borrowing capacity |  | $ | 85,452 |  |  | $ | 59,456 |

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