Short and Long-Term Funding

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less) and long-term funding (funding with original contractual maturities greater than one year).



	March 31, 2018			December 31, 2017
	($ in Thousands)
Short-Term Funding
Federal funds purchased	$	69,085		$	141,950
Securities sold under agreements to repurchase	214,869			182,865
Federal funds purchased and securities sold under agreements to repurchase	283,954			324,815
FHLB advances	1,780,000			284,000
Commercial paper	82,420			67,467
Other short-term funding	1,862,420			351,467
Total short-term funding	$	2,146,374		$	676,282
Long-Term Funding
FHLB advances	$	2,735,887		$	2,900,168
Senior notes, at par	250,000			250,000
Subordinated notes, at par	250,000			250,000
Other long-term funding and capitalized costs	(2,549		)	(2,718		)
Total long-term funding	3,233,338			3,397,450
Total short and long-term funding	$	5,379,712		$	4,073,732

Securities Sold Under Agreements to Repurchase ("Repurchase Agreements")

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). See Note 11 for additional disclosures on balance sheet offsetting.

The Corporation utilizes securities sold under agreements to repurchase to facilitate the needs of its customers. As of March 31, 2018, the Corporation pledged agency mortgage-related securities with a fair value of $288 million as collateral for the repurchase agreements. Securities pledged as collateral under repurchase agreements are maintained with the Corporation's safekeeping agents and are monitored on a daily basis due to the market risk of fair value changes in the underlying securities. The Corporation generally pledges excess securities to ensure there is sufficient collateral to satisfy short-term fluctuations in both the repurchase agreement balances and the fair value of the underlying securities.

The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of March 31, 2018 and December 31, 2017 are presented in the following table.



	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
March 31, 2018					($ in Thousands)
Repurchase agreements
Agency mortgage-related securities	$	214,869	$	—	$	—	$	—	$	214,869
Total	$	214,869	$	—	$	—	$	—	$	214,869
December 31, 2017
Repurchase agreements
Agency mortgage-related securities	$	182,865	$	—	$	—	$	—	$	182,865
Total	$	182,865	$	—	$	—	$	—	$	182,865

Long-Term Funding

FHLB advances: At March 31, 2018, the long-term FHLB advances had maturity or call dates primarily ranging from 2018 through 2019, and had a weighted average interest rate of 1.50%, compared to 1.26% at December 31, 2017. The majority of FHLB advances are indexed to the FHLB discount note and re-price at varying intervals. The advances offer flexible, low cost, long-term funding that improves the Corporation’s liquidity profile.

Senior notes: In November 2014, the Corporation issued $250 million of senior notes, due November 2019, and callable October 2019. The senior notes have a fixed coupon interest rate of 2.75% and were issued at a discount.

Subordinated notes: In November 2014, the Corporation issued $250 million of 10-year subordinated notes, due January 2025, and callable October 2024. The subordinated notes have a fixed coupon interest rate of 4.25% and were issued at a discount.