OTHER BORROWINGS

12 Months Ended

Dec. 31, 2016

Other borrowings consist of retail and wholesale repurchase agreements, other term borrowings and Federal Reserve Bank borrowings.

Repurchase Agreements: At December 31, 2016, retail repurchase agreements carry interest rates ranging from 0.15% to 0.40%. In addition to the retail repurchase agreements, Banner Bank had one wholesale repurchase agreement with an interest rate of 2.15%. These repurchase agreements are secured by the pledge of certain mortgage-backed and agency securities with a carrying value of $114.9 million. Banner Bank has the right to pledge or sell these securities, but it must replace them with substantially the same securities.

Federal Reserve Bank of San Francisco and Other Borrowings: Banner Bank periodically borrows funds on an overnight basis from the Federal Reserve Bank through the Borrower-In-Custody (BIC) program. Such borrowings are secured by a pledge of eligible loans. At December 31, 2016, based upon available unencumbered collateral, Banner Bank was eligible to borrow $1.02 billion from the Federal Reserve Bank, although, at that date, as well as at December 31, 2015, the Bank had no funds borrowed under this or other borrowing arrangements.

At December 31, 2016, Banner Bank had an uncommitted federal funds line of credit agreement with another financial institution totaling $60.0 million, while Islanders Bank had an uncommitted federal funds line of credit agreement with another financial institution totaling $5.0 million. No balances were outstanding under these agreements as of December 31, 2016 and 2015. Availability of lines is subject to federal funds balances available for loan and continued borrower eligibility. These lines are intended to support short-term liquidity needs and the agreements may restrict consecutive day usage.

A summary of all other borrowings at December 31, 2016 and 2015 by the period remaining to maturity is as follows (dollars in thousands):



	At or for the Years Ended December 31
	2016				2015
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
Repurchase agreements:
Maturing in one year or less	$	100,685	0.19	%	$	93,325	0.19	%
Maturing after one year through two years	5,000		2.15		—		—
Maturing after two years	—		—		5,000		2.15
Total year-end outstanding	$	105,685	0.28		$	98,325	0.29
Average outstanding	$	108,427	0.29		$	94,182	0.22
Maximum outstanding at any month-end	112,309		n/a		102,474		n/a