Borrowings

A summary of the Corporation's short- and long-term borrowings follows:



	December 31,
	2016				2015
(Dollars in thousands)	Amount		Weighted Average Rate ⁽¹⁾		Amount		Weighted Average Rate ⁽¹⁾
Short-term borrowings:
FHLB advances: 0.60% - 0.66% fixed-rate notes	$	825,000	0.65	%	$	100,000	0.34	%
Long-term borrowings:
FHLB advances: 0.81% - 7.44% fixed-rate notes due 2017 to 2020 ⁽²⁾	438,538		1.24		181,394		1.41
Securities sold under agreements to repurchase: 1.48% - 4.11% fixed-rate notes due through 2017 ⁽³⁾	19,144		3.17		17,453		0.27
Line-of-credit: floating-rate based on one-month LIBOR plus 1.75%	124,625		2.52		25,000		2.27
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 1.45% - 2.85% due 2034 to 2035 ⁽⁴⁾	11,285		3.14		—		—
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 3.25% due in 2032 ⁽⁵⁾	4,255		4.25		—		—
Subordinated debt obligations	—		—		18,544		3.99
Total long-term borrowings	597,847		1.63		242,391		1.61
Total short-term and long-term borrowings	$	1,422,847	1.06	%	$	342,391	1.24	%


(1)	Weighted average rate presented is the contractual rate which excludes premiums and discounts related to purchase accounting.


(2)	The December 31, 2016 balance includes advances payable of $437.8 million and purchase accounting premiums of $0.7 million. The December 31, 2015 balance includes advances payable of $181.0 million and purchase accounting premiums of $0.4 million.


(3)	The December 31, 2016 balance includes advances payable of $19.0 million and purchase accounting premiums of $0.1 million. The December 31, 2015 balance includes advance payable of $17.0 million and purchase accounting premiums of $0.5 million.


(4)	The December 31, 2016 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.7 million.


(5)	The December 31, 2016 balance includes advances payable of $5.0 million and purchase accounting discounts of $0.7 million.

Chemical Bank is a member of the FHLB, which provides short- and long-term funding collateralized by mortgage related assets to its members. Each advance is payable at its maturity date, with a prepayment penalty for fixed-rate advances. The Corporation's FHLB advances, including both short-term and long-term, require monthly interest payments and are collateralized by commercial and residential mortgage loans totaling $5.14 billion as of December 31, 2016. The Corporation's additional borrowing availability through the FHLB, subject to the FHLB's credit requirements and policies and based on the amount of FHLB stock owned by the Corporation, was $7.0 million at December 31, 2016.

Securities sold under agreements to repurchase are with an unaffiliated financial institution and are secured by available for-sale-securities. The Corporation's securities sold under agreements to repurchase do not qualify as sales for accounting purposes. The remaining contract maturity, excluding purchase accounting adjustments, of long-term securities under agreement to repurchase, is as follows:



	December 31, 2016
	Remaining Contractual Maturities of the Agreements
(Dollars in thousands)	Overnight and continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Securities sold under agreements to repurchase	$	—	$	10,000	$	—	$	9,000	$	19,000
Total borrowings	$	—	$	10,000	$	—	$	9,000	$	19,000
Amounts related to securities sold under agreements to repurchase not included in offsetting disclosure in Footnote 11									$	19,000

In conjunction with the merger with Talmer, the Corporation entered into a credit agreement of $145.0 million consisting of a $125.0 million term line-of credit and a $20.0 million revolving line-of-credit. The Corporation drew $125.0 million on the term line-of-credit to pay off the Corporation's prior $25.0 million line-of-credit and a $37.5 million line-of-credit acquired in the merger with Talmer, with the remaining proceeds used to partially fund the cash portion of the merger consideration. The line-of-credit agreement contains certain restrictive covenants. The Corporation was in compliance with all of the covenants at December 31, 2016.

As a result of the Lake Michigan transaction on May 31, 2015, the Corporation acquired subordinated debt obligations in the amount of $18.6 million. The Corporation fully repaid these debt obligations during the first quarter of 2016. As a result of the merger with Talmer on August 31, 2016, the Corporation acquired $687.1 million in short and long-term debt obligations, of which $142.2 million was paid off prior to December 31, 2016.

At December 31, 2016, the contractual principal payments due and the amortization/accretion of purchase accounting adjustments for the remaining maturities of long-term debt over the next five years and thereafter are as follows:



(Dollars in thousands)	Long-term Debt by Maturity
Years Ending December 31,
2017	$	126,089
2018	159,207
2019	186,338
2020	110,673
2021	—
Thereafter	15,540
Total	$	597,847