Long-Term Borrowings

3 Months Ended

Mar. 31, 2019

8. Long-Term Borrowings

Long-term borrowings consisted of the following as of March 31, 2019 and December 31, 2018:



(dollars in thousands)	March 31, 2019		December 31, 2018
Finance lease(1)	$	28	$	26
FHLB fixed-rate advances(1)		600,000		600,000
Total long-term borrowings	$	600,028	$	600,026

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Interest is payable monthly.

As of March 31, 2019 and 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 March 31, 2019 and December 31, 2018, the available remaining borrowing capacity with the FHLB was $1.4 billion and $1.3 billion, respectively. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of March 31, 2019 and December 31, 2018. See “Note 6. Transfers of Financial Assets” for more information.

As of March 31, 2019 and December 31, 2018, the Company’s long-term borrowings included a finance lease obligation with a 6.78% annual interest rate that matures in 2022.

As of March 31, 2019, future contractual principal payments and maturities on long-term borrowings were as follows:


	Principal
(dollars in thousands)	Payments
2019	$	9
2020		400,009
2021		10
2022		—
2023		100,000
Thereafter		100,000
Total	$	600,028