Short-term borrowings are for terms under or equal to one year and were comprised of securities sold under repurchase agreements, or REPOs, and Federal Home Loan Bank, or FHLB, advances. All REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and therefore, the REPOs are accounted for as a secured borrowing. Mortgage-backed securities with a total carrying value of $49.0 million at March 31, 2017 and $53.2 million at December 31, 2016 were pledged as collateral for these secured transactions. The pledged securities are held in safekeeping at the Federal Reserve. Due to the overnight short-term nature of REPOs, potential risk due to a decline in the value of the pledged collateral is low. Collateral pledging requirements with REPOs are monitored daily. FHLB advances are for various terms and are 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 are secured by the same loans as short-term FHLB advances. We had total long-term borrowings outstanding of $10.9 million at a fixed rate and $3.1 million at a variable rate at March 31, 2017, excluding our capital lease of $0.1 million.

Information pertaining to borrowings is summarized in the table below as of the dates presented:



	March 31, 2017				December 31, 2016
(dollars in thousands)	Balance		Weighted Average Rate		Balance		Weighted Average Rate
Short-term borrowings
Securities sold under repurchase agreements	$	46,987	0.01	%	$	50,832	0.01	%
Short-term borrowings	610,000		0.89	%	660,000		0.76	%
Total short-term borrowings	656,987		0.83	%	710,832		0.70	%
Long-term borrowings
Other long-term borrowings	14,118		2.92	%	14,713		2.91	%
Junior subordinated debt securities	45,619		3.59	%	45,619		3.42	%
Total long-term borrowings	59,737		3.43	%	60,332		3.30	%
Total Borrowings	$	716,724	1.05	%	$	771,164	0.90	%

We had total borrowings at March 31, 2017 and December 31, 2016 at the FHLB of Pittsburgh of $624 million and $675 million. The $624 million at March 31, 2017 consisted of $610 million in short-term borrowings and $14 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.3 billion at March 31, 2017. Our remaining borrowing availability is $1.5 billion. We utilized $800 million of our borrowing capacity at March 31, 2017 consisting of $624 million for borrowings and $176 million for letters of credit to collateralize public funds.