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 September 30, 2018				At December 31, 2017
(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	$	16,980	2.38	%	$	30,225	1.54	%
Federal funds purchased	50,000		2.33		55,000		1.56
Customer repurchase agreements	19,785		0.05		20,206		0.05

Long-term debt:
FHLB advances	$	115,000	1.82	%	$	125,036	1.73	%
Security repurchase agreements	30,430		2.14		30,792		1.52

Subordinated notes	$	94,514	5.34	%	$	94,331	5.35	%

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (FHLB) with a maximum borrowing capacity of approximately $1.6 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 September 30, 2018 and December 31, 2017, the Bank had outstanding short-term letters of credit with the FHLB totaling $382.9 million and $234.2 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 at September 30, 2018 and December 31, 2017. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will.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, holds collateral at the Federal Reserve Bank of Philadelphia in order to access the Discount Window Lending program. The collateral consisting of investment securities was valued at $66.2 million and $52.0 million at September 30, 2018 and December 31, 2017, respectively. At September 30, 2018 and December 31, 2017, the Corporation had no outstanding borrowings under this program.

The Corporation has a $10.0 million line of credit with a correspondent bank. At September 30, 2018 and December 31, 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 September 30, 2018		Weighted Average Rate
Remainder of 2018	$	—	—	%
2019	10,000		1.35
2020	40,000		1.70
2021	55,000		1.94
2022	10,000		2.09
Thereafter	—		—
Total	$	115,000	1.82	%

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



(Dollars in thousands)	As of September 30, 2018		Weighted Average Rate
Remainder of 2018	$	10,032	1.52	%
2019	10,152		2.45
2020	10,246		2.44
2021	—		—
2022	—		—
Thereafter	—		—
Total	$	30,430	2.14	%

Long-term debt under security repurchase agreements totaling $25.4 million are variable based on the one-month LIBOR rate plus a spread. One borrowing for $5.0 million has a fixed interest rate and may be called by the lender based on the underlying agreement.