SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2015

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 $1.22 billion line of credit, of which $1.15 billion remained available as of December 31, 2015. At December 31, 2015, short-term borrowings under this arrangement totaled $69.0 million. At December 31, 2014, short-term borrowings under this arrangement totaled $38.0 million.

At December 31, 2015 and 2014, our bank had additional unused borrowings available at the Federal Reserve discount window of $40.8 million and $33.3 million, respectively. As of December 31, 2015 and 2014, certain commercial real estate and commercial loans with a carrying value totaling $87.3 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.

Interest expense on short-term borrowings were $0.3 million, $0.1 million and $6 thousand in 2015, 2014 and 2013, respectively.

A summary of our short-term borrowings as of December 31, 2015, 2014 and 2013 is as follows:



	Year Ended December 31,
	2015			2014			2013
	(Dollars in thousands)
Amount outstanding at December 31	$	69,000		$	38,000		$	8,015
Average amount outstanding during year	92,045			31,732			1,988
Highest month-end balance during year	157,000			102,000			28,000
Weighted average interest rate on balances outstanding at December 31	0.35		%	0.25		%	0.23		%
Weighted average interest rate during year	0.28		%	0.29		%	0.32		%