CHFC 2017 Annual Report

Contractual Obligations The following schedule summarizes noncancelable contractual obligations and future required minimum payments at December 31, 2017. December 31, 2017 Minimum Payments Due by Period (Dollars in thousands) Less than 1 year 1-3 years 3-5 years More than 5 years Total Contractual Obligations: Deposits with no stated maturity (1) $ 10,425,596 $ — $ — $ — $ 10,425,596 Time deposits with a stated maturity (1) 2,168,858 829,615 215,975 2,759 3,217,207 Securities sold under agreements to repurchase with customers 350,846 64,390 — — 415,236 Short-term borrowings (1) 2,000,000 — — — 2,000,000 Long-term borrowings (1) 147,065 210,102 — 15,715 372,882 Operating leases and noncancelable contracts (2) 22,973 40,295 36,906 33,775 133,949 Other contractual obligations (3) 30,817 17,779 147 383 49,126 Total contractual obligations $ 15,146,155 $ 1,162,181 $ 253,028 $ 52,632 $ 16,613,996 (1) Deposits, short-term borrowings and long-term borrowings exclude accrued interest. (2) Future minimum lease payments are reduced by $859 thousand related to sublease income to be received in the following periods: $218 thousand (less than 1 year); $430 thousand (1 to 3 years) and $211 thousand (3 to 5 years). (3) Includes commitments to fund qualified low income housing and other tax investment projects, private equity capital investments and other similar types of investments. Credit-Related Commitments We also have credit-related commitments that may impact liquidity. The following schedule summarizes credit-related commitments and expected expiration dates by period as of December 31, 2017. (Dollars in thousands) Less than 1 year 1-3 years 3-5 years More than 5 years Total Unused commitments to extend credit: Loans to commercial borrowers $ 992,396 $ 641,792 $ 215,686 $ 450,924 $ 2,300,798 Loans to consumer borrowers 231,170 157,792 139,078 200,677 728,717 Total unused commitments to extend credit 1,223,566 799,584 354,764 651,601 3,029,515 Undisbursed loan commitments (1) 571,037 — — — 571,037 Standby letters of credit 111,748 26,989 23,814 25,020 187,571 Total credit-related commitments $ 1,906,351 $ 826,573 $ 378,578 $ 676,621 $ 3,788,123 (1) Excludes $92.1 million of residential mortgage loan originations that were expected to be sold in the secondary market. Because many of these commitments historically have expired without being drawn upon, the total amount of these commitments does not necessarily represent future liquidity requirements. Refer to Note 13 to our Consolidated Financial Statements for a further discussion of these obligations. 64 Cash Dividends Annual cash dividends paid per common share over the past five years were as follows: Years Ended December 31, 2017 2016 2015 2014 2013 Annual Cash Dividend (per common share) $ 1.10 $ 1.06 $ 1.00 $ 0.94 $ 0.87 We have paid regular cash dividends every quarter since we began operating as a bank holding company in 1973. The earnings of Chemical Bank have been the principal source of funds to pay cash dividends to shareholders. Over the long term, cash dividends to shareholders are dependent upon earnings, capital requirements, legal and regulatory restraints and other factors