XML 60 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
FHLB Stock: Federal Home Loan Bank Stock Policy (Policies)
3 Months Ended
Jun. 30, 2012
Federal Home Loan Bank Stock Policy:  
Federal Home Loan Bank Stock Policy

The Banks’ investments in Federal Home Loan Bank of Seattle stock are carried at par value $100 per share), which reasonably approximates its fair value.  As members of the FHLB system, the Banks are required to maintain a minimum level of investment in FHLB stock based on specific percentages of their outstanding FHLB advances.  For the three and six months ended June 30, 20120 and 20110, the Banks did not receive any dividend income on FHLB stock.  The Seattle FHLB announced that it had a risk-based capital deficiency under the regulations of the Federal Housing Finance Agency (the FHFA), its primary regulator, as of December 31, 2008, and that it would suspend future dividends and the repurchase and redemption of outstanding common stock. At June 30, 2012, the Company had recorded $37.4 million$37,400,000 in FHLB stock, unchanged from December 31, 2011$37,400,000.  This stock is generally viewed as a long-term investment and is carried at par.  It does not have a readily determinable fair value.  Ownership of FHLB stock is restricted to the FHLB and member institutions and can only be purchased and redeemed at par.