Term Debt

The Bank had outstanding secured advances from the FHLB and other creditors at December 31, 2013 and 2012 with carrying values of $251.5 million and $253.6 million, respectively.

The following table summarizes the future contractual maturities of borrowed funds (excluding the remaining unamortized purchase accounting adjustments relating to the Rainier acquisition of $6.0 million) as of December 31, 2013:

(in thousands)



Year	Amount
2014	$	—
2015	—
2016	190,016
2017	55,000
2018	—
Thereafter	495
Total borrowed funds	$	245,511

The maximum amount outstanding from the FHLB under term advances at month end and the average balance outstanding during both 2013 and 2012 was $245.0 million. The average interest rate on the borrowings (excluding the accretion of purchase accounting adjustments) was 4.6% in 2013 and 2012. The FHLB requires the Bank to maintain a required level of investment in FHLB and sufficient collateral to qualify for notes. The Bank has pledged as collateral for these notes all FHLB stock, all funds on deposit with the FHLB, and its investments and commercial real estate portfolios, accounts, general intangibles, equipment and other property in which a security interest can be granted by the Bank to the FHLB.