Long-Term Borrowings

12 Months Ended

Dec. 31, 2020

11. Long-Term Borrowings

Long-term borrowings consisted of the following at December 31, 2020 and 2019:


	December 31,
(dollars in thousands)	2020		2019
Finance lease	$	10	$	19
FHLB fixed-rate advances⁽¹⁾		200,000		200,000
Total long-term borrowings	$	200,010	$	200,019

(1)	Interest is payable monthly.

As of December 31, 2020 and 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.

At December 31, 2020 and 2019, 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, 2020, future contractual principal payments and maturities on long-term borrowings were as follows:


	Principal
(dollars in thousands)	Payments
Year ending December 31:
2021	$	10
2022		—
2023⁽¹⁾		100,000
2024⁽²⁾		100,000
2025		—
Total	$	200,010

(1)	FHLB fixed-rate advance callable on March 3, 2021 with an interest rate of 2.80%

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