Term Debt

The Bank had outstanding secured advances from the FHLB and other creditors at December 31, 2014 and 2013 with carrying values of $1.0 billion and $251.5 million, respectively.

The following table summarizes the future contractual maturities of borrowed funds as of December 31, 2014:



(in thousands)
Year	Amount
2015	$	265,000
2016	525,016
2017	155,000
2018	50,000
2019	—
Thereafter	5,646
Total borrowed funds	$	1,000,662	⁽¹⁾

⁽¹⁾ Amount shows contractual borrowings, excluding purchase accounting adjustments.

The maximum amount outstanding from the FHLB under term advances at month end during 2014 was $1.1 billion and during 2013 was $245.0 million. The average balance outstanding during 2014 was $842.1 million and during 2013 was $245.0 million. The average contractual interest rate on the borrowings was 1.6% in 2014 and 4.6% in 2013. 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.