BORROWINGS

Short-term borrowings are for terms under or equal to one year and are comprised of securities sold under repurchase agreements, or REPOs and FHLB advances. All REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation, or FDIC. 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 secured borrowings. Mortgage-backed securities with amortized cost of $28.4 million and carrying value of $28.2 million at March 31, 2019 and amortized cost of $24.2 million and carrying value of $23.9 million at December 31, 2018, 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 are comprised of FHLB advances, two capital leases 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 $6.1 million at a fixed rate and $63.1 million at a variable rate at March 31, 2019, excluding our capital leases.

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



	March 31, 2019						December 31, 2018
(dollars in thousands)	Balance			Weighted Average Rate			Balance			Weighted Average Rate
Short-term Borrowings
Securities sold under repurchase agreements		$	23,427		0.55	%		$	18,383		0.46	%
Short-term borrowings		235,000			2.71	%		470,000			2.65	%
Total Short-term Borrowings		258,427			2.51	%		488,383			2.57	%
Long-term Borrowings
Long-term borrowings		70,418			2.78	%		70,314			2.84	%
Junior subordinated debt securities		45,619			5.07	%		45,619			5.25	%
Total Long-term Borrowings		116,037			3.68	%		115,933			3.79	%
Total Borrowings		$	374,464		2.87	%		$	604,316		2.80	%

We had total borrowings at the FHLB of Pittsburgh of $304.2 million at March 31, 2019 and $540.3 million at December 31, 2018. The $304.2 million at March 31, 2019 consisted of $235.0 million in short-term borrowings and $69.2 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.6 billion at March 31, 2019. We utilized $466.0 million of our borrowing capacity at March 31, 2019 consisting of $304.2 million for borrowings and $161.8 million for letters of credit to collateralize public funds. Our remaining borrowing availability at March 31, 2019 is $2.1 billion.