Long-Term Borrowings

12 Months Ended

Dec. 31, 2018

11. Long-Term Borrowings

Long-term borrowings consisted of the following at December 31, 2018 and 2017:



(dollars in thousands)	2018		2017
Capital lease(1)	$	26	$	34
FHLB fixed-rate advances(1)		600,000		—
Total long-term borrowings	$	600,026	$	34

⁽¹⁾

Interest is payable monthly.

As of December 31, 2018, the Company’s long-term borrowings included $600.0 million in FHLB fixed-rate advances with a weighted average interest rate of 2.80% and maturity dates ranging from 2020 to 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. As of December 31, 2018 and 2017, the available remaining borrowing capacity with the FHLB was $1.3 billion and $1.8 billion, respectively. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of December 31, 2018 and 2017. See “Note 8. Transfers of Financial Assets” in the notes to the consolidated financial statements included in Item 8. Financial Statements and Supplementary Data for more information.

At December 31, 2018 and 2017, the Company’s long-term borrowings included a capital lease obligation with a 6.78% annual interest rate that matures in 2022.

At December 31, 2018, future contractual principal payments and maturities on long-term borrowings were as follows:


	Principal
(dollars in thousands)	Payments
Year ending December 31:
2019	$	8
2020		400,009
2021		9
2022		—
2023		100,000
Thereafter		100,000
Total	$	600,026