12. LONG-TERM BORROWINGS

Following is a summary of long-term borrowings:


December 31	2016		2015
(in thousands)
Federal Home Loan Bank advances	$	305,110	$	400,017
Subordinated notes		87,147		84,668
Junior subordinated debt		48,600		58,298
Other subordinated debt		98,637		98,497

Total long-term borrowings	$	539,494	$	641,480

Scheduled annual maturities for the long-term borrowings for the years following December 31, 2016 are as follows:


(in thousands)
2017	$	179,147
2018		61,800
2019		43,557
2020		49,339
2021		47,665
Later years		157,986

Total	$	539,494

Federal Home Loan Bank advances

Our banking affiliate has available credit with the FHLB of $5.8 billion of which $1.3 billion was used as of December 31, 2016. These advances are secured by loans collateralized by residential mortgages, HELOCs, 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 0.95% to 4.19% for the year ended December 31, 2016 and 0.76% to 4.19% for the year ended December 31, 2015.

Subordinated notes

Subordinated notes are unsecured and subordinated to our other indebtedness. The subordinated notes mature in various amounts periodically through the year 2026. At December 31, 2016, all of the subordinated notes are redeemable by the holders prior to maturity at a discount equal to three to twelve months of interest, depending on the term of the note. We may require the holder to give 30 days prior written notice. No sinking fund is required and none has been established to retire the notes. The weighted average interest rate on the subordinated notes are presented in the following table:


December 31	2016			2015			2014
Subordinated notes weighted average interest rate		2.71	%		2.73	%		2.70	%

Junior subordinated debt

Junior subordinated debt is comprised of the debt securities issued by FNB in relation to our two unconsolidated subsidiary trusts (collectively, the Trusts), F.N.B. Statutory Trust II and Omega Financial Capital Trust I, which are unconsolidated variable interest entities. One hundred percent of the common equity of each Trust is owned by FNB. The Trusts were formed for the purpose of issuing FNB-obligated mandatorily redeemable capital securities (TPS) to third-party investors. The proceeds from the sale of TPS and the issuance of common equity by the Trusts were invested in junior subordinated debt securities issued by FNB, which are the sole assets of each Trust. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our financial statements. The Trusts pay dividends on the TPS at the same rate as the distributions paid by us on the junior subordinated debt held by the Trusts. Omega Financial Capital Trust I was assumed as a result of an acquisition. During 2016, we redeemed $10.0 million of the TPS issued by Omega Financial Capital Trust I.

We record the distributions on the junior subordinated debt issued to the Trusts as interest expense. The TPS are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debt. The TPS are eligible for redemption, at any time, at our discretion. Under capital guidelines, effective January 1, 2016, the junior subordinated debt, net of our investments in the Trusts, is included in tier 2 capital. We have entered into agreements which, when taken collectively, fully and unconditionally guarantee the obligations under the TPS subject to the terms of each of the guarantees.

The following table provides information relating to the Trusts as of December 31, 2016:


(dollars in thousands)	Trust Preferred Securities		Common Securities		Junior Subordinated Debt		Stated Maturity Date		Interest Rate
F.N.B. Statutory Trust II	$	21,500	$	665	$	22,165		6/15/36		2.61	%	Variable; LIBOR + 165 basis points (bps)
Omega Financial Capital Trust I		26,000		1,114		26,435		10/18/34		3.07	%	Variable; LIBOR + 219 bps

Total	$	47,500	$	1,779	$	48,600

Other subordinated debt

Other subordinated debt is comprised of the $100.0 million aggregate principal amount of 4.875% subordinated notes due in 2025 issued by us in our October 2015 debt offering. The net proceeds of the debt offering after deducting underwriting discounts and commissions and offering costs were $98.4 million. These subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes.