This excerpt taken from the NRIM 10-K filed Mar 16, 2007.
NOTE 10 Borrowings
The Company has a line of credit with the FHLB of Seattle approximating 12% of assets, or $107 million at December 31, 2006. The line is secured by a blanket pledge of the Companys assets. At December 31, 2006, and 2005, there was $2.2 million and $18.1 million committed on the line, respectively. At December 31, 2005, there was $2.6 million outstanding on the line and an additional $15.5 million of the borrowing line was committed to secure public deposits. The outstanding balances on the FHLB line of credit at December 31, 2006, and 2005, of $2.2 million and $2.6 million, respectively, have a maturity date of May 7, 2012.
The Company entered into a note agreement with the Federal Reserve Bank on the payment of tax deposits. The Federal Reserve has the option to call the note at any time. The balance at December 31, 2006, and 2005, was $1 million.
The Federal Reserve Bank is holding $55.5 million of loans as collateral to secure advances made through the discount window on December 31, 2006. There were no discount window advances outstanding at December 31, 2006.
Securities sold under agreements to repurchase were $3.3 million with an interest rate of 3.69%, and $4.9 million with an interest rate of 2.28%, at December 31, 2006, and 2005, respectively. The average balance outstanding of securities sold under agreement to repurchase during 2006 and 2005 was $3.3 million and $2.8 million, respectively, and the maximum outstanding at any month-end was $6.7 million and $5.4 million, respectively. The securities sold under agreement to repurchase are held by the Federal Home Loan Bank under the Companys control.