OTHER BORROWINGS

12 Months Ended

Dec. 31, 2013

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

Retail Repurchase Agreements: At December 31, 2013, retail repurchase agreements carry interest rates ranging from 0.15% to 0.40%, and are secured by the pledge of certain mortgage-backed and agency securities with a carrying value of $100 million. Banner Bank has the right to pledge or sell these securities, but they must replace them with substantially the same security. There were no wholesale repurchase agreements and other term borrowings, such as Fed Funds, outstanding as of December 31, 2013 and 2012.

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, 2013, based upon available unencumbered collateral, Banner Bank was eligible to borrow $564 million from the Federal Reserve Bank, although, at that date, as well as at December 31, 2012, the Bank had no funds borrowed under this or other borrowing arrangements.

A summary of all other borrowings at December 31, 2013 and 2012 by the period remaining to maturity is as follows (dollars in thousands):



	At or for the Years Ended December 31
	2013				2012
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
Retail repurchase agreements:
Maturing in one year or less	$	83,056	0.20	%	$	76,633	0.30	%
Total year-end outstanding	$	83,056	0.20		$	76,633	0.30
Average outstanding	$	84,877	0.23		$	90,017	0.31
Maximum outstanding at any month-end	91,964		n/a		100,949		n/a

The table below summarizes interest expense for other borrowings for the years ended December 31, 2013, 2012 and 2011 (in thousands):



	Years Ended December 31
	2013		2012		2011
Retail repurchase agreements	$	192	$	281	$	356
FDIC guaranteed debt	—		477		1,909
Total expense	$	192	$	758	$	2,265

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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