diff --git a/spring-cloud-context/src/main/java/org/springframework/cloud/bootstrap/encrypt/EnvironmentDecryptApplicationInitializer.java b/spring-cloud-context/src/main/java/org/springframework/cloud/bootstrap/encrypt/EnvironmentDecryptApplicationInitializer.java
index ec67ef5c..40560fce 100644
--- a/spring-cloud-context/src/main/java/org/springframework/cloud/bootstrap/encrypt/EnvironmentDecryptApplicationInitializer.java
+++ b/spring-cloud-context/src/main/java/org/springframework/cloud/bootstrap/encrypt/EnvironmentDecryptApplicationInitializer.java
@@ -198,15 +198,15 @@ public class EnvironmentDecryptApplicationInitializer implements
 						}
 						catch (Exception e) {
 							String message = "Cannot decrypt: key=" + key;
-							if (this.failOnError) {
-								throw new IllegalStateException(message, e);
-							}
 							if (logger.isDebugEnabled()) {
 								logger.warn(message, e);
 							}
 							else {
 								logger.warn(message);
 							}
+							if (this.failOnError) {
+								throw new IllegalStateException(message, e);
+							}
 							// Set value to empty to avoid making a password out of the
 							// cipher text
 							value = "";