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Borrowings and Other Short-Term Liabilities
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Borrowings and Other Short-Term Liabilities Borrowings and Other Short-Term Liabilities

A summary of the Corporation's short- and long-term borrowings, and other short-term liabilities follows:
 
June 30, 2019
 
December 31, 2018
(Dollars in thousands)
Amount
 
Weighted Average Rate (1)
 
Amount
 
Weighted Average Rate (1)
Short-term borrowings:
 
 
 
 
 
 
 
FHLB advances: 2.29% - 2.60% fixed-rate notes
$
2,580,000

 
2.44
%
 
$
2,035,000

 
2.47
%
AFX short-term borrowings
35,000

 
2.41

 
—

 
—

Total short-term borrowings
$
2,615,000

 
2.44
%
 
$
2,035,000

 
2.47
%
Long-term borrowings:
 
 
 
 
 
 
 
FHLB advances: 1.00% - 2.72% fixed-rate notes due 2019 to 2025(2)
$
410,073

 
2.00
%
 
$
410,102

 
2.00
%
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 1.45% - 2.85% due 2034 to 2035(3)
11,648

 
4.71

 
11,572

 
4.85

Subordinated debt obligations: floating-rate based on three-month LIBOR plus 3.25% due in 2032(4)
4,348

 
5.84

 
4,328

 
5.65

Total long-term borrowings
426,069

 
2.11

 
426,002

 
2.11

Total borrowings
$
3,041,069

 
2.39
%
 
$
2,461,002

 
2.41
%
Other short-term liabilities:
 
 
 
 
 
 
 
     Collateralized customer deposits
$
291,671

 
0.70
%
 
$
382,687

 
0.75
%

(1) 
Weighted average rate presented is the contractual rate which excludes premiums and discounts related to purchase accounting.
(2) 
The June 30, 2019 balances include advances payable of $410.0 million and purchase accounting premiums of $73 thousand. The December 31, 2018 balance includes advances payable of $410.0 million and purchase accounting premiums of $102 thousand.
(3) 
The June 30, 2019 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.4 million. The December 31, 2018 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.4 million.
(4) 
The June 30, 2019 balance includes advances payable of $5.0 million and purchase accounting discounts of $652 thousand. The December 31, 2018 balance includes advances payable of $5.0 million and purchase accounting discounts of $672 thousand.

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 $7.70 billion as of June 30, 2019. 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 $25.0 million at June 30, 2019. Chemical Bank is additionally a member of the American Financial
Exchange ("AFX"), through which it may borrow funds on an overnight or short-term basis with a group of pre-approved commercial banks.