Long-Term Borrowings

9 Months Ended

Sep. 30, 2018

9. Long-Term Borrowings

Long-term borrowings consisted of the following as of September 30, 2018 and December 31, 2017:



(dollars in thousands)	September 30, 2018		December 31, 2017
Capital lease(1)	$	26	$	34
FHLB fixed-rate advances(1)		400,000		—
Total long-term borrowings	$	400,026	$	34
(1) Interest is payable monthly.

As of September 30, 2018, the Company’s long-term borrowings included $400.0 million in FHLB fixed-rate advances with a weighted average interest rate of 2.84% and maturity dates in 2020. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. As of September 30, 2018, the available remaining borrowing capacity with the FHLB was $1.7 billion. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of September 30, 2018. See “Note 6. Transfers of Financial Assets” for more information.

As of September 30, 2018 and December 31, 2017, the Company’s long-term borrowings included a capital lease obligation with a 6.78% annual interest rate that matures in 2021.

As of September 30, 2018, future contractual principal payments and maturities on long-term borrowings were as follows:


	Principal
(dollars in thousands)	Payments
2018	$	—
2019		8
2020		400,009
2021		9
Total	$	400,026