Borrowings

Short-term Borrowings

The Corporation had short-term borrowings, which generally have an original term to maturity of 30 days or less. Short-term borrowings consisted of short-term FHLB advances outstanding of $100 million at December 31, 2015. There were no short-term borrowings outstanding at March 31, 2016 or March 31, 2015.

Long-term Borrowings

A summary of the Corporation's long-term borrowings follows:



	March 31, 2016		December 31, 2015		March 31, 2015
	(In thousands)
Long-term borrowings:
Long-term FHLB advances	$	231,357	$	181,394	$	—
Securities sold under agreements to repurchase	17,365		17,453		—
Non-revolving line-of-credit	25,000		25,000		—
Subordinated debt obligations	—		18,544		—
Total long-term borrowings	$	273,722	$	242,391	$	—

During the first quarter of 2016, the Corporation borrowed an additional $50 million of long-term FHLB advances, which has a five-year term fixed-rate advance with a weighted-average interest rate of 1.30%. Long-term FHLB advances have a combined weighted-average interest rate of 1.39%. The Corporation's FHLB advances, including both short-term and long-term, require monthly interest payments and are collateralized by eligible loans totaling $2.92 billion as of March 31, 2016. The scheduled reductions of long-term FHLB advances as of March 31, 2016 were as follows: 2016 - $7.1 million; 2017 - $47.1 million; 2018 - $67.1 million; 2019; - $0.1 million; and 2020 - $110.0 million.

Securities sold under agreements to repurchase are with an unaffiliated financial institution and are secured by available for-sale-securities. As of March 31, 2016, these agreements had scheduled maturities of $8.3 million in 2016 and $9.1 million in 2017.

The Corporation has a $25 million secured non-revolving line-of-credit with an unaffiliated third-party financial institution that matures in May 2016. The Corporation drew on the entire amount of the line-of-credit. This line-of-credit bears a variable rate of interest which is based on the one-, two- or three-month LIBOR, as periodically selected by the Corporation, plus a fixed stated rate (effective interest rate of 2.39% at March 31, 2016). The line-of-credit agreement contains certain restrictive covenants. The Corporation was in compliance with all of the covenants at March 31, 2016.

As a result of the Lake Michigan transaction on May 31, 2015, the Corporation acquired subordinated debt obligations in the amount of $18.6 million. The Corporation fully repaid these debt obligations during the first quarter of 2016.