Long-Term Borrowings

The following table summarizes Peoples' long-term borrowings:



	September 30, 2017					December 31, 2016
(Dollars in thousands)	Balance			Weighted- Average Rate		Balance			Weighted- Average Rate
FHLB putable, non-amortizing, fixed-rate advances	$	125,000		2.00	%	$	70,000		2.49	%
Callable national market repurchase agreements	40,000			3.63	%	40,000			3.63	%
FHLB amortizing, fixed-rate advances	23,862			2.03	%	28,282			2.01	%
Junior subordinated debt securities	7,061			4.78	%	6,924			4.48	%
Unamortized debt issuance costs	(33		)	—	%	(51		)	—	%
Total long-term borrowings	$	195,890		2.43	%	$	145,155		2.81	%

Peoples continually evaluates its overall balance sheet position given the interest rate environment. During the first nine months of 2017, Peoples borrowed an additional $75.0 million of long-term FHLB non-amortizing advances, which have interest rates ranging from 1.20% to 2.03% and mature between 2018 and 2022.

As of September 30, 2017, Peoples' FHLB putable and callable national market repurchase agreements had no remaining putable or callable options. Peoples is required to make quarterly interest payments.

The amortizing, fixed-rate FHLB advances have a fixed rate for the term of each advance, with maturities ranging from ten to twenty years. These advances require monthly principal and interest payments, with some having a constant prepayment rate requiring an additional principal payment annually. These advances are not eligible for optional prepayment prior to maturity.

Peoples has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for Peoples making fixed payments. As of September 30, 2017, Peoples had seven interest rate swaps with a notional value of $60.0 million associated with Peoples' cash outflows for various FHLB advances. The swaps become effective in 2018, roughly to coincide with the maturity of existing FHLB advances. Additional information regarding Peoples' interest rate swaps can be found in Note 9 of the Notes to the Unaudited Consolidated Financial Statements.

Peoples maintains a multi-year unsecured $15.0 million revolving credit facility (the “Credit Facility”) with Raymond James Bank, N.A. that matures on March 4, 2019. Borrowings under the Credit Facility may be used: (i) to make acquisitions; (ii) to make stock repurchases; (iii) for working capital needs; and (iv) for other general corporate purposes. Each loan under the Credit Facility will bear interest per annum at a rate equal to 3.00% plus the one-month LIBOR rate, which rate will reset monthly. As of September 30, 2017, there were no borrowings outstanding under the Credit Facility. Additional information regarding the Credit Facility can be found in Note 9 of the Notes to the Consolidated Financial Statements included in Peoples' 2016 Form 10-K.

The aggregate minimum annual retirements of long-term borrowings in future periods are as follows:



(Dollars in thousands)	Balance		Weighted-Average Rate
Three months ending December 31, 2017	$	1,866	2.04	%
Year ending December 31, 2018	54,385		3.46	%
Year ending December 31, 2019	33,508		1.37	%
Year ending December 31, 2020	25,564		1.85	%
Year ending December 31, 2021	21,979		1.75	%
Thereafter	58,588		2.62	%
Total long-term borrowings	$	195,890	2.43	%