Long-Term Borrowings

3 Months Ended

Mar. 31, 2021

Long-Term Borrowings

Long-Term Borrowings

8. Long-Term Borrowings

Long-term borrowings consisted of the following as of March 31, 2021 and December 31, 2020:

(dollars in thousands)	March 31, 2021		December 31, 2020
Finance lease	$	10	$	10
FHLB fixed-rate advances(1)		200,000		200,000
Total long-term borrowings	$	200,010	$	200,010

(1) Interest is payable monthly.

As of March 31, 2021 and December 31, 2020, 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. As of both March 31, 2021 and December 31, 2020, the available remaining borrowing capacity with the FHLB was $2.0 billion. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the Company had an undrawn line of credit of $1.2 billion and $1.1 billion from the FRB, respectively. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate and residential real estate loans as of March 31, 2021 and December 31, 2020. See “Note 6. Transfers of Financial Assets” for more information.

As of March 31, 2021 and December 31, 2020, 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, 2021, future contractual principal payments and maturities of long-term borrowings were as follows:

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

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

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