Borrowings

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



	December 31,
	2017				2016
(Dollars in thousands)	Amount		Weighted Average Rate ⁽¹⁾		Amount		Weighted Average Rate ⁽¹⁾
Securities sold under agreements to repurchase with customers:
Securities sold under agreements to repurchase with customers	$	415,236	0.44	%	$	343,047	0.16	%
Short-term borrowings:
FHLB advances: 1.25% - 1.50% fixed-rate notes	2,000,000		1.39		825,000		0.65
Long-term borrowings:
FHLB advances: 0.92% - 2.60% fixed-rate notes due 2018 to 2020 ⁽²⁾	337,204		1.26		438,538		1.24
Securities sold under agreements to repurchase⁽³⁾	—		—		19,144		3.17
Line-of-credit: floating-rate based on one-month LIBOR plus 1.75%	19,963		3.10		124,625		2.52
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 1.45% - 2.85% due 2034 to 2035 ⁽⁴⁾	11,425		3.69		11,285		3.14
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 3.25% due in 2032 ⁽⁵⁾	4,290		4.59		4,255		4.25
Total long-term borrowings	372,882		1.47		597,847		1.63
Total short-term and long-term borrowings	$	2,788,118	1.26	%	$	1,765,894	0.89	%


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


⁽²⁾	The December 31, 2017 balance includes advances payable of $337.0 million and purchase accounting premiums of $0.2 million. The December 31, 2016 balance includes advances payable of $437.8 million and purchase accounting premiums of $0.7 million.


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


⁽⁴⁾	The December 31, 2017 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.6 million. The December 31, 2016 balance includes advance payable of $15.0 million and purchase accounting premiums of $3.7 million.


⁽⁵⁾	The December 31, 2017 balance includes advances payable of $5.0 million and purchase accounting discounts of $0.7 million. The December 31, 2016 balance includes advance payable of $5.0 million and purchase accounting premiums 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 $7.36 billion as of December 31, 2017. 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 $193.5 million at December 31, 2017.

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 covenants related to certain thresholds that must be maintained related to the nonperforming assets to tangible capital ratio, the loan loss reserve to nonperforming loan ratio, the liquidity ratio and return on average assets. The Corporation was in compliance with all of the covenants at December 31, 2017.

At December 31, 2017, 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,
2018	$	147,065
2019	100,058
2020	110,044
2021	—
2022	—
Thereafter	15,715
Total	$	372,882