SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2016

12. SHORT-TERM BORROWINGS

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 $1.41 billion line of credit, of which $1.28 billion remained available as of December 31, 2016. At December 31, 2016, short-term borrowings under this arrangement totaled $135.0 million. At December 31, 2015, short-term borrowings under this arrangement totaled $69.0 million.

At December 31, 2016 and 2015, our bank had additional unused borrowings available at the Federal Reserve discount window of $63.7 million and $40.8 million, respectively. As of December 31, 2016 and 2015, certain commercial real estate and commercial loans with a carrying value totaling $129.9 million and $87.3 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 $0.6 million, $0.3 million and $0.1 million in 2016, 2015 and 2014, respectively.

A summary of our short-term borrowings as of December 31, 2016, 2015 and 2014 is as follows:



	Year Ended December 31,
	2016			2015			2014
	(Dollars in thousands)
Amount outstanding at December 31	$	135,000		$	69,000		$	38,000
Average amount outstanding during year	110,928			92,045			31,732
Highest month-end balance during year	226,000			157,000			102,000
Weighted average interest rate on balances outstanding at December 31	0.74		%	0.35		%	0.25		%
Weighted average interest rate during year	0.52		%	0.28		%	0.29		%