Borrowings

The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. The long-term debt balances and weighted average interest rates include purchase accounting fair value adjustments, net of related amortization, from the Fox Chase acquisition.



	At June 30, 2017				At December 31, 2016
(Dollars in thousands)	Balance at End of Period		Weighted Average Interest Rate at End of Period		Balance at End of Period		Weighted Average Interest Rate at End of Period
Short-term borrowings:
FHLB borrowings	$	124,500	1.24	%	$	91,300	0.74	%
Federal funds purchased	85,000		1.31		80,000		0.81
Customer repurchase agreements	22,226		0.05		24,871		0.05

Long-term debt:
FHLB advances	$	185,577	1.45	%	$	96,248	0.94	%
Security repurchase agreements	31,033		1.26		31,274		0.91

Subordinated notes	$	94,209	5.35	%	$	94,087	5.36	%

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (FHLB) with a maximum borrowing capacity of approximately $1.3 billion. Advances from the FHLB are collateralized by a blanket floating lien on all first mortgage loans of the Bank, FHLB capital stock owned by the Bank and any funds on deposit with the FHLB. At June 30, 2017 and December 31, 2016, the Bank had outstanding short-term letters of credit with the FHLB totaling $104.9 million and $148.5 million, respectively, which were utilized to collateralize public funds deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank.

The Corporation, through the Bank, maintains uncommitted federal fund credit lines with several correspondent banks totaling $367.0 million and $302.0 million at June 30, 2017 and December 31, 2016, respectively. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will.

The Corporation, through the Bank, has an available line of credit at the Federal Reserve Bank of Philadelphia which was collateralized by investment securities totaling $55.5 million and $55.7 million at June 30, 2017 and December 31, 2016, respectively. At June 30, 2017 and December 31, 2016, the Corporation had no outstanding borrowings from this line.

The Corporation has a $10.0 million line of credit with a correspondent bank. At June 30, 2017, the Corporation had no outstanding borrowings under this line.

Long-term advances with the FHLB of Pittsburgh mature as follows:



(Dollars in thousands)	As of June 30, 2017		Weighted Average Rate
Remainder of 2017	$	60,509	0.86	%
2018	10,068		0.69
2019	10,000		1.35
2020	40,000		1.70
2021	55,000		1.94
Thereafter	10,000		2.09
Total	$	185,577	1.45	%

FHLB borrowings totaling $50.5 million that mature in the fourth quarter of 2017 have a "Call Date"; if the borrowing is called, the Corporation has the option to either pay off the borrowing without penalty or the fixed rate borrowing resets to a variable three-month LIBOR based rate. Subsequent to the call date, the borrowings are callable by the FHLB quarterly. Accordingly, the contractual maturities may differ from actual maturities.

Long-term debt under security repurchase agreements with large commercial banks mature as follows:



(Dollars in thousands)	As of June 30, 2017		Weighted Average Rate
Remainder of 2017	$	—	—	%
2018	10,298		0.97
2019	10,342		1.40
2020	10,393		1.41
2021	—		—
Thereafter	—		—
Total	$	31,033	1.26	%

Long-term debt under security repurchase agreements totaling $25.8 million are variable based on the one-month LIBOR rate plus a spread; one borrowing for $5.2 million has a fixed interest rate and may be called by the lender based on the underlying agreement.

On April 25, 2017, Kroll Bond Rating Agency ("KBRA") reaffirmed its credit ratings for the Corporation and the Bank with a stable outlook. Specifically, KBRA reaffirmed the Corporation's senior unsecured debt rating of BBB+, subordinated debt rating of BBB and short-term rating of K2. With regard to the Bank, KBRA reaffirmed the Bank's deposit rating of A-, short-term debt rating of K2 and short-term deposit rating of K2 while also assigning the Bank a senior unsecured debt rating of A-. Additionally, on April 25, 2017, KBRA initiated the Bank's subordinated debt rating of BBB+.