Long-Term Borrowings

3 Months Ended

Mar. 31, 2023

9. Long-Term Borrowings

Long-term borrowings consisted of the following as of March 31, 2023 and December 31, 2022:


(dollars in thousands)	March 31, 2023		December 31, 2022
FHLB fixed-rate advances⁽¹⁾	$	500,000	$	—
Total long-term borrowings	$	500,000	$	—

(1)	Interest is payable monthly.

As of March 31, 2023, the Company’s long-term borrowings consisted of $500.0 million in FHLB fixed-rate advances with a weighted average interest rate of 4.71% and maturity dates in September 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. There were no long-term borrowings as of December 31, 2022. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of March 31, 2023 and December 31, 2022.

As of March 31, 2023, future contractual principal payments and maturities of long-term borrowings were as follows:


	Principal
(dollars in thousands)	Payments
2023	$	—
2024		500,000
2025		—
2026		—
2027		—
Total	$	500,000