LONG-TERM DEBT

Long-term debt at December 31 is summarized as follows:



(Dollars in thousands)	2016		2015
IBERIABANK:
Federal Home Loan Bank notes, 0.864% to 7.040%	$	480,118	$	136,628
Notes payable - Investment fund contribution, 7 to 40 year term, 0.50% to 3.60% fixed	28,725		83,709
	508,843		220,337
IBERIABANK Corporation (junior subordinated debt):
Statutory Trust I, 3 month LIBOR ⁽¹⁾, plus 3.25%, issued November 2002	10,310		10,310
Statutory Trust II, 3 month LIBOR ⁽¹⁾, plus 3.15%, issued June 2003	10,310		10,310
Statutory Trust III, 3 month LIBOR ⁽¹⁾, plus 2.00%, issued September 2004	10,310		10,310
Statutory Trust IV, 3 month LIBOR ⁽¹⁾, plus 1.60%, issued October 2006	15,464		15,464
American Horizons Statutory Trust I, 3 month LIBOR ⁽¹⁾, plus 3.15%, assumed January 2005	6,186		6,186
Statutory Trust V, 3 month LIBOR ⁽¹⁾, plus 1.435%, issued June 2007	10,310		10,310
Statutory Trust VI, 3 month LIBOR ⁽¹⁾, plus 2.75%, issued November 2007	12,372		12,372
Statutory Trust VII, 3 month LIBOR ⁽¹⁾, plus 2.54%, issued November 2007	13,403		13,403
Statutory Trust VIII, 3 month LIBOR ⁽¹⁾, plus 3.50%, issued March 2008	7,217		7,217
OMNI Trust I, 3 month LIBOR ⁽¹⁾, plus 3.30%, assumed May 2011	8,248		8,248
OMNI Trust II, 3 month LIBOR ⁽¹⁾, plus 2.79%, assumed May 2011	7,732		7,732
GA Commerce Trust II, 3 month LIBOR ⁽¹⁾, plus 1.64%, assumed May 2015	8,248		8,248
	120,110		120,110
	$	628,953	$	340,447


(1)	The interest rate on the Company’s long-term debt indexed to LIBOR is based on the 3-month LIBOR rate. The 3-month LIBOR rate was 1.00% and 0.61% at December 31, 2016 and 2015, respectively.

Outstanding FHLB advances are a mix of bullet and amortizing structures. Amortizing FHLB advances are amortized over periods ranging from 1.5 to 30 years, and have a balloon feature at maturity. Advances are collateralized by a blanket pledge of eligible loans, subject to contractual adjustments which reduce the borrowing base, as well as a secondary pledge of FHLB stock and FHLB demand deposits, the amount of which can exceed the amounts borrowed based on contractually required adjustments. Total additional FHLB advances for both short-term borrowings and long-term debt at December 31, 2016 were $4.9 billion under the blanket floating lien including $1.5 billion from pledges of investment securities. The weighted average advance rate was 1.76% and 3.79% at December 31, 2016 and 2015, respectively.

Junior subordinated debt consists of a total of $120.1 million in Junior Subordinated Deferrable Interest Debentures of the Company issued to statutory trusts that were funded by the issuance of floating rate capital securities of the trusts. The terms of the junior subordinated debt are 30 years, and they are callable at par by the Company any time after 5 years. Interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. During a deferral period, the Company is subject to certain restrictions, including being prohibited from declaring and paying dividends to its common shareholders.

As of January 1, 2015, 75% of the Company's junior subordinated debt was excluded from Tier 1 capital for regulatory purposes. Effective January 1, 2016, the Company was subject to an additional 25% phase out of its junior subordinated debt from Tier 1 capital. As a result, 100% of the Company's junior subordinated debt is excluded from Tier 1 capital (but included in Tier 2 capital) at December 31, 2016.

Advances and long-term debt at December 31, 2016 have maturities or call dates in future years as follows:



(Dollars in thousands)
2017	$	55,516
2018	233,667
2019	97,042
2020	15,263
2021	55,564
2022 and thereafter	171,901
	$	628,953