ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES

12 Months Ended

Dec. 31, 2016

Advances from Federal Home Loan Banks [Abstract]

ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES

Utilizing a blanket pledge, qualifying loans receivable at December 31, 2016 and 2015, were pledged as security for FHLB borrowings and there were no securities pledged as collateral as of December 31, 2016 or 2015. At December 31, 2016 and 2015, FHLB advances were scheduled to mature as follows (in thousands):



	December 31
	2016		2015
Maturing in one year or less	$	54,000	$	107,600
Maturing after one year through three years	—		25,000
Maturing after three years through five years	—		—
Maturing after five years	179		188
Total FHLB advances, at par	54,179		132,788
Fair value adjustment	37		593
Total FHLB advances, carried at fair value	$	54,216	$	133,381

The maximum amount outstanding from the FHLB advances at month end for the years ended December 31, 2016 and 2015 was $300.2 million and $221.6 million, respectively. The average FHLB advances balance outstanding for the years ended December 31, 2016 and 2015 was $141.9 million and $45.0 million, respectively. The average contractual interest rate on the FHLB advances for the years ended December 31, 2016 and 2015 was 0.67% and 0.69%, respectively. As of December 31, 2016, Banner Bank has established a borrowing line with the FHLB to borrow up to 35% of its total assets, contingent on having sufficient qualifying collateral and ownership of FHLB stock. Islanders Bank similarly may borrow up to 35% of its total assets, also contingent on collateral and FHLB stock. At December 31, 2016, the maximum total FHLB credit line was $3.35 billion and $98.1 million for Banner Bank and Islanders Bank, respectively.