Long-Term Borrowings

12 Months Ended

Dec. 31, 2019

Long-Term Borrowings

Long-Term Borrowings

11. Long-Term Borrowings

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

(dollars in thousands)	2019		2018
Finance lease	$	19	$	26
FHLB fixed-rate advances(1)		200,000		600,000
Total long-term borrowings	$	200,019	$	600,026

(1) Interest is payable monthly.

As of December 31, 2019, the Company’s long-term borrowings included $200.0 million 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. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of December 31, 2019 and 2018. 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, 2019 and 2018, the Company’s long-term borrowings included a finance lease obligation with a 6.78%annual interest rate that matures in 2022.

At December 31, 2019, future contractual principal payments and maturities on long-term borrowings were as follows:

	Principal
(dollars in thousands)	Payments
Year ending December 31:
2020	$	9
2021		10
2022		—
2023(1)		100,000
2024(2)		100,000
Total	$	200,019

(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%