Annual report pursuant to Section 13 and 15(d)

FHLB Advances and Other Borrowings

v2.4.1.9
FHLB Advances and Other Borrowings
 12 Months Ended
Dec. 31, 2014
Banking and Thrift [Abstract]  
FHLB Advances and Other Borrowings

Note 10 — FHLB Advances and Other Borrowings

FHLB advances and other borrowings consisted of the following:

 

     As of December 31,  
     2014      2013  
     (In thousands)  

FHLB advances

    $ 150,000       $ 127,546   
  

 

 

     

 

 

  

Total FHLB advances

 $ 150,000    $ 127,546   
  

 

 

     

 

 

  

FHLB advances represent collateralized obligations with the FHLB. The following is a summary of contractual maturities pertaining to FHLB advances:

 

            Weighted-  
            Average  
            Interest  

Year of Maturity

    Amount      Rate  
     (In thousands)  

2015

    $ 150,000         0.27 % 
  

 

 

     

 

 

  

Total

 $ 150,000      0.27 % 
  

 

 

     

 

 

  

 

The following is financial data pertaining to FHLB advances:

 

     Year Ended December 31,  
     2014     2013     2012  
     (In thousands)  

Weighted-average interest rate at end of year

      0.27 %      0.16 %      5.27 % 

Weighted-average interest rate during the year

      0.21 %      2.28 %      5.27 % 

Average balance of FHLB advances

    $ 69,781      $ 6,573      $ 3,354   

Maximum amount outstanding at any month-end

    $ 150,000      $ 127,546      $ 3,273   

We have pledged loans receivable with carrying values of $757.6 million as collateral with the FHLB for this borrowing facility. The total borrowing capacity available from the collateral that has been pledged is $649.5 million, of which $499.5 million remained available as of December 31, 2014. At December 31, 2014, we had $59.5 million available for use through the Fed Discount Window, as we pledged loans receivable with carrying values of $82.3 million, and there were no borrowings.

At December 31, 2014, advances from the FHLB were $150.0 million, an increase of $22.5 million from $127.5 million at December 31, 2013, and the FHLB advances were all overnight borrowings at December 31, 2014. For the years ended December 31, 2014, 2013 and 2012 interest expense on FHLB advances were $147,000, $151,000 and $165,000, respectively, and the weighted-average interest rates were 0.21 percent, 2.28 percent, and 5.27 percent, respectively.