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Other Borrowed Funds
 12 Months Ended
Dec. 31, 2014
Other Borrowed Funds  
Other Borrowed Funds

(9) Other Borrowed Funds

        Other borrowed funds include Federal Home Loan Bank borrowings, which are short and long-term fixed borrowings issued by the Federal Home Loan Bank of Dallas at the market price offered at the time of funding. These borrowings are secured by mortgage-backed investment securities and a portion of the Company's loan portfolio.

        Further information regarding the Company's other borrowed funds at December 31, 2014 and 2013 is set forth in the following table:

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2014

 

2013

 

 

 

(Dollars in Thousands)

 

Federal Home Loan Bank advances—short-term

 

 

 

 

 

 

 

Balance at year end

 

$
1,067,700 

 

$
1,215,000 

 

Rate on balance outstanding at year end

 

 

.15

%

 

.17

%

Average daily balance

 

$
1,077,973 

 

$
833,868 

 

Average rate

 

 

.16

%

 

.16

%

Maximum amount outstanding at any month end

 

$
1,352,500 

 

$
1,280,500 

 

Federal Home Loan Bank advances—long-term(1)

 

 


 

 

 


 

 

Balance at year end

 

$
6,244 

 

$
8,950 

 

Rate on balance outstanding at year end

 

 
3.51 

%

 
3.53 

%

Average daily balance

 

$
7,338 

 

$
7,289 

 

Average rate

 

 
3.51 

%

 
3.53 

%

Maximum amount outstanding at any month end

 

$
8,934 

 

$
8,993 

 

(1)

The amortization of the long-term advances is approximately $160,000 per year for each of the next five years and the final maturity date is January 3, 2028.