Long-Term Borrowings

9 Months Ended

Sep. 30, 2019

Long-Term Borrowings

Long-Term Borrowings

9. Long-Term Borrowings

Long-term borrowings consisted of the following as of September 30, 2019 and December 31, 2018:

(dollars in thousands)	September 30, 2019		December 31, 2018
Finance lease	$	18	$	26
FHLB fixed-rate advances(1)		200,000		600,000
Total long-term borrowings	$	200,018	$	600,026

(1) Interest is payable monthly.

As of September 30, 2019 and December 31, 2018, the Company’s long-term borrowings included $200.0 million and $600.0 million, respectively, in FHLB fixed-rate advances with a weighted average interest rate of 2.73% and maturity dates ranging from 2023 to 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. As of September 30, 2019 and December 31, 2018, the available remaining borrowing capacity with the FHLB was $1.6 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 September 30, 2019 and December 31, 2018. See “Note 6. Transfers of Financial Assets” for more information.

As of September 30, 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 September 30, 2019, future contractual principal payments and maturities on long-term borrowings were as follows:

	Principal
(dollars in thousands)	Payments
2019	$	—
2020		9
2021		9
2022		—
2023(1)		100,000
Thereafter(2)		100,000
Total	$	200,018

(1) FHLB fixed-rate advance callable on December 4, 2020 with an interest rate of 2.80%.

(2) FHLB fixed-rate advance callable on January 15, 2021 with an interest rate of 2.65%.