Borrowings

6 Months Ended

Jun. 30, 2019

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, 2019				At December 31, 2018
(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	$	—	—	%	$	108,300	2.62	%
Federal funds purchased	20,000		2.43		60,000		2.60
Customer repurchase agreements	19,350		0.05		21,468		0.05

Long-term debt:
FHLB advances	$	150,000	1.99	%	$	125,000	1.92	%
Security repurchase agreements	20,195		2.82		20,330		2.71

Subordinated notes	$	94,696	5.33	%	$	94,574	5.33	%

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (FHLB) with a maximum borrowing capacity of approximately $1.7 billion. Advances from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. At June 30, 2019 and December 31, 2018, the Bank had outstanding short-term letters of credit with the FHLB totaling $408.3 million and $347.5 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 that totaled $504.0 million and $367.0 million at June 30, 2019 and December 31, 2018, 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 Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will.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, 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 $104.6 million and $69.5 million at June 30, 2019 and December 31, 2018, respectively. At June 30, 2019 and December 31, 2018, the Corporation had no outstanding borrowings under this program.

The Corporation has a $10.0 million committed line of credit with a correspondent bank. At June 30, 2019 and December 31, 2018, 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, 2019		Weighted Average Rate
Remainder of 2019	$	10,000	1.35	%
2020	40,000		1.70
2021	80,000		2.07
2022	10,000		2.09
2023	10,000		3.02
Thereafter	—		—
Total	$	150,000	1.99	%

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



(Dollars in thousands)	As of June 30, 2019		Weighted Average Rate
Remainder of 2019	$	10,038	2.83	%
2020	10,157		2.81
2021	—		—
2022	—		—
2023	—		—
Thereafter	—		—
Total	$	20,195	2.82	%

Long-term debt under security repurchase agreements totaling $20.2 million are variable based on the one-month LIBOR rate plus a spread.