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 amortized cost of $51.4 million and carrying value of $49.9 million at June 30, 2018 and amortized cost of $57.5 million and carrying value of $56.8 million at December 31, 2017 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 $7.9 million at a fixed rate and $38.1 million at a variable rate at June 30, 2018, excluding our capital lease.

Information pertaining to borrowings is summarized in the table below as of the dates presented:



	June 30, 2018				December 31, 2017
(dollars in thousands)	Balance		Weighted Average Rate		Balance		Weighted Average Rate
Short-term Borrowings
Securities sold under repurchase agreements	$	44,724	0.46	%	$	50,161	0.39	%
Short-term borrowings	600,000		2.16	%	540,000		1.47	%
Total Short-term Borrowings	644,724		2.04	%	590,161		1.38	%
Long-term Borrowings
Long-term borrowings	46,062		2.31	%	47,301		1.88	%
Junior subordinated debt securities	45,619		4.80	%	45,619		3.78	%
Total Long-term Borrowings	91,681		3.55	%	92,920		2.81	%
Total Borrowings	$	736,405	2.23	%	$	683,081	1.57	%

We had total borrowings at June 30, 2018 and December 31, 2017 at the FHLB of Pittsburgh of $646 million and $587 million. The $646 million at June 30, 2018 consisted of $600 million in short-term borrowings and $46.1 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.5 billion at June 30, 2018. We utilized $790 million of our borrowing capacity at June 30, 2018 consisting of $646 million for borrowings and $144 million for letters of credit to collateralize public funds. Our remaining borrowing availability at June 30, 2018 is $1.7 billion.