Borrowings and Other Short-Term Liabilities

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



	March 31, 2019				December 31, 2018
(Dollars in thousands)	Amount		Weighted Average Rate ⁽¹⁾		Amount		Weighted Average Rate ⁽¹⁾
Short-term borrowings:
FHLB advances: 2.55% - 2.59% fixed-rate notes	$	1,740,000	2.57	%	$	2,035,000	2.47	%
Long-term borrowings:
FHLB advances: 1.00% - 2.72% fixed-rate notes due 2019 to 2025⁽²⁾	410,087		2.00		410,102		2.00
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 1.45% - 2.85% due 2034 to 2035⁽³⁾	11,610		4.90		11,572		4.85
Subordinated debt obligations: floating-rate based on three-month LIBOR plus 3.25% due in 2032⁽⁴⁾	4,338		6.05		4,328		5.65
Total long-term borrowings	426,035		2.12		426,002		2.11
Total borrowings	$	2,166,035	2.48	%	$	2,461,002	2.41	%
Other short-term liabilities:
Collateralized customer deposits	$	413,199	0.59	%	$	382,687	0.75	%


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


⁽²⁾	The March 31, 2019 balances include advances payable of $410.0 million and purchase accounting premiums of $0.1 million. The December 31, 2018 balance includes advances payable of $410.0 million and purchase accounting premiums of $0.1 million.


⁽³⁾	The March 31, 2019 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.4 million. The December 31, 2018 balance includes advances payable of $15.0 million and purchase accounting discounts of $3.4 million.


⁽⁴⁾	The March 31, 2019 balance includes advances payable of $5.0 million and purchase accounting discounts of $0.7 million. The December 31, 2018 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 $7.50 billion as of March 31, 2019. 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 $955.6 million at March 31, 2019.