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Borrowings
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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| Disclosure of Repurchase Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | 13 Borrowings The following table sets forth selected information regarding repurchase agreements during 2014, 2013, and 2012 (in thousands):
As of December 31, 2014, 2013, and 2012, the Company had pledged mortgage-backed securities with a fair value of approximately $152.4 million, $119.1 million, and $90.9 million, respectively, for securities sold under agreements to repurchase. Additionally, there was $18.8 million, $19.5 million, and $37.2 million of excess collateral pledged for repurchase agreements at December 31, 2014, 2013, and 2012, respectively. The vast majority of the Company’s repurchase agreements are overnight transactions with clients that mature the day after the transaction. During 2014, 2013, and 2012, the overnight agreements had a weighted average interest rate of 0.13%, 0.14%, and 0.18%, respectively. At December 31, 2014, none of the Company’s repurchase agreements were for periods longer than one day. At December 31, 2013 and 2012, $20.0 million and $20 thousand, respectively, of the Company’s repurchase agreements were for periods longer than one day. The repurchase agreements are subject to a master netting arrangement; however, the Company has not offset any of the amounts shown in the consolidated financial statements. As a member of the Des Moines FHLB, the Bank has access to term financing from the FHLB. These borrowing are secured under an advance, pledge and securities agreement, which includes primarily real estate loans. Total advances at December 31, 2014 were $40.0 million. All of the outstanding advances have fixed interest rates. At December 31, 2013, the Company had no FHLB advances. More information about FHLB advances at December 31, 2014 is detailed in the table below (dollars in thousands):
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