NOTE 17. TERM DEBT

The Bank had outstanding secured advances from the FHLB and other creditors at December 31, 2011 and 2010 with carrying values of $255.7 million and $262.8 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 $10.1 million) as of December 31, 2011:


(dollars in thousands)

Year	Amount
2012	$	—
2013		—
2014		—
2015		—
2016		190,016
Thereafter		55,519

Total borrowed funds	$	245,535

The maximum amount outstanding from the FHLB under term advances at month end during 2011 and 2010 was $250.0 million and $355.2 million, respectively. The average balance outstanding on FHLB term advances during 2011 and 2010 was $245.8 and $247.5 million, respectively. The average interest rate on the borrowings (excluding the accretion of purchase accounting adjustments) was 4.6% in 2011 and 4.4% in 2010. 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.