Borrowings

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



	September 30, 2017				December 31, 2016
(Dollars in thousands)	Amount		Weighted Average Rate ⁽¹⁾		Amount		Weighted Average Rate ⁽¹⁾
Securities sold under agreements to repurchase with customers:
Securities sold under agreements to repurchase with customers	$	414,597	0.44	%	$	343,047	0.16	%
Short-term borrowings:
FHLB advances: 1.20% - 1.22% fixed-rate notes	1,900,000		1.21		825,000		0.65
Long-term borrowings:
FHLB advances: 0.92% - 7.44% fixed-rate notes due 2017 to 2020⁽²⁾	339,255		1.28		438,538		1.24
Securities sold under agreements to repurchase: 1.48% - 2.75% fixed-rate notes due in 2017⁽³⁾	3,005		2.75		19,144		3.17
Line-of-credit: floating-rate based on one-month LIBOR plus 1.75%	39,914		2.98		124,625		2.52
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 1.45% - 2.85% due 2034 to 2035⁽⁴⁾	11,390		3.49		11,285		3.14
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 3.25% due in 2032⁽⁵⁾	4,281		4.55		4,255		4.25
Total long-term borrowings	397,845		1.56		597,847		1.63
Total borrowings	$	2,712,442	1.14	%	$	1,765,894	0.89	%


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


⁽²⁾	The September 30, 2017 balances include advances payable of $338.9 million and purchase accounting premiums of $0.4 million. The December 31, 2016 balance includes advances payable of $437.8 million and purchase accounting premiums of $0.7 million.


⁽³⁾	The September 30, 2017 balance includes advances payable of $3.0 million and purchase accounting premiums of $5 thousand. The December 31, 2016 balance includes advance payable of $19.0 million and purchase accounting premiums of $0.1 million.


⁽⁴⁾	The September 30, 2017 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.6 million. The December 31, 2016 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.7 million.


⁽⁵⁾	The September 30, 2017 balance includes advances payable of $5.0 million and purchase accounting discounts of $0.7 million. The December 31, 2016 balance includes advances payable of $5.0 million and purchase accounting discounts of $0.7 million.

Chemical Bank is a member of the FHLB, which provides short- and long-term funding collateralized by mortgage related assets to its members. Each advance is payable at its maturity date, with a prepayment penalty for fixed-rate advances. The Corporation's FHLB advances, including both short-term and long-term, require monthly interest payments and are collateralized by commercial and residential mortgage loans totaling $7.25 billion as of September 30, 2017. The Corporation's additional borrowing availability through the FHLB, subject to the FHLB's credit requirements and policies and based on the amount of FHLB stock owned by the Corporation, was $210.0 million at September 30, 2017.

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 contractual maturity, excluding purchase accounting adjustments, of long-term securities under agreement to repurchase, is as follows:



	September 30, 2017
	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	$	—	$	3,000	$	—	$	—	$	3,000
Total borrowings	$	—	$	3,000	$	—	$	—	$	3,000
Amounts related to securities sold under agreements to repurchase not included in offsetting disclosure in Note 10									$	3,000

The line-of-credit agreement contains certain restrictive covenants. The Corporation was in compliance with all of the covenants at September 30, 2017.