Borrowings

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



	September 30, 2016				December 31, 2015
(Dollars in thousands)	Amount		Weighted Average Rate (1)		Amount		Weighted Average Rate (1)
Short-term borrowings:
FHLB advances: 0.45% - 0.81% fixed-rate notes	$	400,000	0.52	%	$	100,000	0.34	%
Long-term borrowings:
FHLB advances: 0.59% - 7.44% fixed-rate notes due 2016 to 2027 (2)	$	494,013	1.45		181,394		1.41
Securities sold under agreements to repurchase: 1.48% - 4.30% fixed-rate notes due 2016 to 2017 (3)	42,394		3.61		17,453		0.27
Line-of-credit: floating-rate based on one-month LIBOR plus 1.75%	124,698		2.27		25,000		2.27
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 1.45% - 2.85% due 2034 to 2035 (4)	11,260		3.09		—		—
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 3.25% due in 2032 (5)	4,247		4.09		—		—
Subordinated debt obligations	—		—		18,544		3.99
Total long-term borrowings	$	676,612	1.78		$	242,391	1.59


(1)	Weighted average rate presented is the contractual rate which excludes premiums and discounts related to purchase accounting.


(2)	The September 30, 2016 balances include advances payable of $492.8 million and purchase accounting premiums of $1.2 million. The December 31, 2015 balance includes advances payable of $181.0 million and purchase accounting premiums of $0.4 million.


(3)	The September 30, 2016 balance includes advances payable of $42.0 million and purchase accounting premiums of $0.4 million. The December 31, 2015 balance includes advance payable of $17.0 million and purchase accounting premiums of $0.5 million.


(4)	The September 30, 2016 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.7 million.


(5)	The September 30, 2016 balance includes advances payable of $5.0 million and purchase accounting discounts of $0.8 million.

The Corporation's FHLB advances, including both short-term and long-term, require monthly interest payments and are collateralized by eligible loans totaling $5.10 billion as of September 30, 2016.

Securities sold under agreements to repurchase are with an unaffiliated financial institution and are secured by available for-sale-securities. The Corporation's securities sold under agreements to repurchase do not qualify as sales for accounting purposes. The remaining contract maturity, excluding purchase accounting adjustments, of long-term securities under agreement to repurchase, is as follows:



	September 30, 2016
	Remaining Contractual Maturities of the Agreements
(Dollars in thousands)	Overnight and continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Securities sold under agreements to repurchase	$	—	$	13,000	$	10,000	$	19,000	$	42,000
Total borrowings	$	—	$	13,000	$	10,000	$	19,000	$	42,000
Amounts related to securities sold under agreements to repurchase not included in offsetting disclosure in Footnote 14									$	42,000

In conjunction with the merger with Talmer, the Corporation entered into a credit agreement of $145.0 million consisting of a $125.0 million term line-of credit and a $20.0 million revolving line-of-credit. The Corporation drew $125.0 million on the term line-of-credit to pay off the Corporation's prior $25.0 million line-of-credit and a $37.5 million line-of-credit acquired in the merger with Talmer, with the remaining proceeds used to partially fund the cash portion of the merger consideration.

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. As a result of the merger with Talmer on August 31, 2016, the Corporation acquired $687.1 million in short and long-term debt obligations, of which $142.2 million was paid off prior to September 30, 2016.