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Borrowings
3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Borrowings
Short-term borrowings are for terms under one year and were comprised of retail repurchase agreements, or REPOs, and Federal Home Loan Bank, or FHLB, advances. We define REPOs with our local retail customers as retail REPOs. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and are therefore accounted for as a secured borrowing. FHLB advances are for various terms secured by a blanket lien on residential mortgages and other real estate secured loans.
Long-term borrowings are for original terms greater than one year and were comprised of FHLB advances, a capital lease and junior subordinated debt securities. Long-term FHLB advances have the same collateral requirements as short-term borrowings. We had total long-term borrowings outstanding of $15.6 million at a fixed rate and $53.7 million at a variable rate at March 31, 2015, excluding our capital lease of $0.2 million. On March 5, 2015, we paid off $8.5 million of the junior subordinated debt assumed in the merger.
Information pertaining to borrowings is summarized in the table below as of the dates presented:
 
March 31, 2015
 
December 31, 2014
(dollars in thousands)
Balance
Weighted
Average Rate
 
Balance
Weighted
Average Rate
Short-term borrowings


 


Securities sold under repurchase agreements
$
46,721

0.01
%
 
$
30,605

0.01
%
Short-term borrowings
199,573

0.33
%
 
290,000

0.31
%
Total short-term borrowings
246,294

0.27
%
 
320,605

0.27
%
Long-term borrowings


 


Other long-term borrowings
18,838

2.92
%
 
19,442

3.00
%
Junior subordinated debt securities
50,619

2.95
%
 
45,619

2.70
%
Total long-term borrowings
69,457

2.94
%
 
65,061

2.79
%
Total Borrowings
$
315,751

0.86
%
 
$
385,666

0.70
%

We had total borrowings at March 31, 2015 and December 31, 2014 at the FHLB of Pittsburgh of $218.2 million and $309.3 million. The $218.2 million at March 31, 2015 consisted of $199.6 million in short-term borrowings and $18.7 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.0 billion at March 31, 2015. Our remaining borrowing availability is $1.6 billion.