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Borrowings | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
BORROWINGS | Short-term borrowings are for terms under or equal to one year and are comprised of securities sold under repurchase agreements, or REPOs, and Federal Home Loan Bank, or FHLB, advances. All REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and therefore, the REPOs are accounted for as a secured borrowing. Mortgage-backed securities with a total carrying value of $46.7 million at September 30, 2017 and $53.2 million at December 31, 2016 were pledged as collateral for these secured transactions. The pledged securities are held in safekeeping at the Federal Reserve. Due to the overnight short-term nature of REPOs, potential risk due to a decline in the value of the pledged collateral is low. Collateral pledging requirements with REPOs are monitored daily. FHLB advances are for various terms and are secured by a blanket lien on residential mortgages and other real estate secured loans. Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances, a capital lease and junior subordinated debt securities. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. We had total long-term borrowings outstanding of $9.7 million at a fixed rate and $3.1 million at a variable rate at September 30, 2017, excluding our capital lease of $0.1 million. Information pertaining to borrowings is summarized in the table below as of the dates presented:
| September 30, 2017 |  | December 31, 2016
(dollars in thousands) | Balance | Weighted Average Rate |  | Balance | Weighted Average Rate
Short-term borrowings |  |  |  |  |
Securities sold under repurchase agreements | $ | 39,923 |  | 0.16 | % |  | $ | 50,832 |  | 0.01 | %
Short-term borrowings | 685,000 |  | 1.31 | % |  | 660,000 |  | 0.76 | %
Total short-term borrowings | 724,923 |  | 1.25 | % |  | 710,832 |  | 0.70 | %
Long-term borrowings |  |  |  |  |
Other long-term borrowings | 12,911 |  | 2.97 | % |  | 14,713 |  | 2.91 | %
Junior subordinated debt securities | 45,619 |  | 3.74 | % |  | 45,619 |  | 3.42 | %
Total long-term borrowings | 58,530 |  | 3.57 | % |  | 60,332 |  | 3.30 | %
Total Borrowings | $ | 783,453 |  | 1.42 | % |  | $ | 771,164 |  | 0.90 | %
We had total borrowings at September 30, 2017 and December 31, 2016 at the FHLB of Pittsburgh of $698 million and $675 million. The $698 million at September 30, 2017 consisted of $685 million in short-term borrowings and $12.9 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.5 billion at September 30, 2017. We utilized $902 million of our borrowing capacity at September 30, 2017 consisting of $698 million for borrowings and $204 million for letters of credit to collateralize public funds. Our remaining borrowing availability at September 30, 2017 is $1.6 billion.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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