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Borrowings
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Borrowings
Borrowings
Federal Home Loan Bank Advances
Advances payable to the FHLBB amounted to $373.3 million and $361.2 million, respectively, at June 30, 2013 and December 31, 2012. The Bank also has access to an unused line of credit with the FHLBB amounting to $8.0 million. In addition, the FHLBB has issued standby letters of credit to depositor customers of the Bank to collateralize public deposits. The Bank’s FHLBB borrowings, line of credit and letters of credit are collateralized by a blanket pledge agreement on the Bank’s FHLBB stock, certain qualified investment securities and loans, as well as amounts maintained on deposit at the FHLBB. The Bank’s unused remaining available borrowing capacity at the FHLBB was approximately $470.5 million and $536.2 million, respectively, at June 30, 2013 and December 31, 2012.

Redemption of Certain Trust Preferred Securities and Related Junior Subordinated Debentures
The Bancorp is the sponsor of the Washington Preferred Capital Trust, a statutory trust created for the sole purpose of the April 7, 2008 issuance of trust preferred securities, the proceeds of which were invested in junior subordinated debentures of the Bancorp. On June 17, 2013, the Bancorp redeemed in whole at par the outstanding trust preferred securities and related subordinated debentures totaling $10.0 million in trust preferred securities at an interest rate of three-month LIBOR plus 3.50%. The source of funds used for the redemption was made available from our balance sheet liquidity. The Bancorp also had a related interest rate swap contract designated as a cash flow hedge, which matured at redemption on June 17, 2013. As a result of the redemption, unamortized debit issuance costs of $244 thousand were expensed and classified as interest expense in June 2013.