SHORT-TERM BORROWINGS

Summary of Short-Term Borrowings

(Dollars in thousands)



	March 31, 2017				December 31, 2016
	Amount		Rate		Amount		Rate
Outstanding:
FHLB advances	$	1,190,000	0.82	%	$	1,540,000	0.63	%
Other borrowings	1,877		—	%	1,773		0.18	%
Secured borrowings	3,441		4.07	%	2,973		4.05	%
Total short-term borrowings	$	1,195,318			$	1,544,746
Unused Availability:
Federal funds ⁽¹⁾	$	660,500			$	620,500
FRB discount window primary credit program ⁽²⁾	773,564				668,412
FHLB advances ⁽³⁾	1,329,832				648,199
Revolving line of credit	60,000				60,000


⁽¹⁾	Our total availability of overnight Federal fund (“Fed funds”) borrowings is not a committed line of credit and is dependent upon lender availability.


⁽²⁾	Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors.


⁽³⁾	As a member of the FHLB Chicago, the Bank has access to borrowing capacity which is subject to change based on the availability of acceptable collateral to pledge and the level of our investment in FHLB Chicago stock. At March 31, 2017, our borrowing capacity was $2.6 billion, of which $1.3 billion was available, subject to making the required additional investment in FHLB Chicago stock.

Borrowings with maturities of one year or less are classified as short-term.

FHLB Advances - At March 31, 2017, FHLB advances totaled $1.24 billion, consisting of $1.19 billion in short-term borrowings, and $50.0 million classified as long-term debt. Qualifying residential, multi-family and commercial real estate (“CRE”) loans, home equity lines of credit, and residential mortgage-backed securities are pledged as collateral to secure current outstanding balances and additional borrowing availability.

Other Borrowings - At March 31, 2017 and December 31, 2016 other borrowings consisted of the Company’s obligation to a third party bank under a commercial credit card servicing arrangement and at December 31, 2016 also included cash received by counterparty in excess of derivative liability.

Secured Borrowings - Secured borrowings represent amounts related to certain loan participation agreements on loans we originated that were classified as secured borrowings because they did not qualify for sale accounting treatment. A corresponding amount is recorded within loans on the consolidated statements of financial condition.

Revolving Line of Credit - The Company has a 364-day revolving line of credit (the “Facility”) with a group of commercial banks allowing borrowing of up to $60.0 million, and maturing on the earlier of September 22, 2017 or the consummation of the Company’s merger with CIBC. The interest rate applied to borrowings under the Facility will be elected by the Company at the time an advance is made; interest rate elections include either 30-day or 90-day LIBOR plus 1.75% or Prime minus 0.50% at the time the advance is made. Any amounts outstanding under the Facility upon or before maturity may be converted, at the Company’s option, to an amortizing term loan, with the balance of such loan due September 22, 2019 (subject to earlier maturity upon consummation of the merger with CIBC, as previously noted). At March 31, 2017 and December 31, 2016, no amounts were drawn on the Facility.