BORROWINGS

Following is a summary of short-term borrowings:

TABLE 8.1



(in thousands)	September 30, 2018		December 31, 2017
Securities sold under repurchase agreements	$	265,029	$	256,017
Federal Home Loan Bank advances	1,985,000		2,285,000
Federal funds purchased	1,315,000		1,000,000
Subordinated notes	114,351		137,320
Total short-term borrowings	$	3,679,380	$	3,678,337

Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount equal to the outstanding balance. Of the total short-term FHLB advances, 67.0% and 75.7% had overnight maturities as of September 30, 2018 and December 31, 2017, respectively.

Following is a summary of long-term borrowings:

TABLE 8.2



(in thousands)	September 30, 2018		December 31, 2017
Federal Home Loan Bank advances	$	270,036	$	310,061
Subordinated notes	87,065		87,614
Junior subordinated debt	110,707		110,347
Other subordinated debt	159,241		160,151
Total long-term borrowings	$	627,049	$	668,173

Our banking affiliate has available credit with the FHLB of $7.5 billion, of which $2.3 billion was utilized as of September 30, 2018. These advances are secured by loans collateralized by residential mortgages, home equity lines of credit, commercial real estate and FHLB stock and are scheduled to mature in various amounts periodically through the year 2021. Effective interest rates paid on the long-term advances ranged from 1.39% to 4.19% for the nine months ended September 30, 2018 and 0.95% to 4.19% for the year ended December 31, 2017.

The junior subordinated debt is comprised of the debt securities issued by FNB in relation to our unconsolidated subsidiary trusts (collectively, the Trusts), which are unconsolidated variable interest entities, and is included on the Balance Sheet in long-term borrowings. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our Financial Statements. We record the distributions on the junior subordinated debt issued to the Trusts as interest expense.

The following table provides information relating to the Trusts as of September 30, 2018:

TABLE 8.3



(dollars in thousands)	Trust Preferred Securities		Common Securities		Junior Subordinated Debt		Stated Maturity Date	Interest Rate		Rate Reset Factor
F.N.B. Statutory Trust II	$	21,500	$	665	$	22,165	6/15/2036	3.98	%	LIBOR + 165 basis points (bps)
Omega Financial Capital Trust I	26,000		1,114		26,502		10/18/2034	4.55	%	LIBOR + 219 bps
Yadkin Valley Statutory Trust I	25,000		774		21,049		12/15/2037	3.65	%	LIBOR + 132 bps
FNB Financial Services Capital Trust I	25,000		774		21,972		9/30/2035	3.80	%	LIBOR + 146 bps
American Community Capital Trust II	10,000		310		10,442		12/15/2033	5.13	%	LIBOR + 280 bps
Crescent Financial Capital Trust I	8,000		248		8,577		10/7/2033	5.44	%	LIBOR + 310 bps
Total	$	115,500	$	3,885	$	110,707