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SHORT-TERM BORROWINGS AND LONG-TERM DEBT
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND LONG-TERM DEBT
SHORT-TERM BORROWINGS AND LONG-TERM DEBT
 
The bank was a member of the Federal Home Loan Bank of Seattle until its merger with the Federal Home Loan Bank of Des Moines on June 1, 2015.  We are now a member of the Federal Home Loan Bank of Des Moines (the “FHLB”) and maintained a $1.2 billion line of credit as of September 30, 2015. Short-term borrowings under this arrangement totaled $155.0 million at September 30, 2015, compared to $38.0 million at December 31, 2014.  There were no long-term borrowings under this arrangement at September 30, 2015 and December 31, 2014. FHLB advances outstanding at September 30, 2015 were secured by unencumbered investment securities with a fair value of $0.6 million and certain real estate loans with a carrying value of $1.6 billion in accordance with the collateral provisions of the Advances, Security and Deposit Agreement with the FHLB. At September 30, 2015, $1.0 billion was undrawn under this arrangement.
 
At September 30, 2015 and December 31, 2014, our bank had additional unused borrowings available at the Federal Reserve discount window of $44.2 million and $33.3 million, respectively. As of September 30, 2015 and December 31, 2014, certain commercial and commercial real estate loans with a carrying value totaling $91.8 million and $72.9 million, respectively, were pledged as collateral on our line of credit with the Federal Reserve discount window. The Federal Reserve does not have the right to sell or repledge these loans.