Long-Term Debt

12 Months Ended

Dec. 31, 2019

Long-term debt is listed below:


December 31,	2019						2018
(In thousands)	Outstanding Balance		Average Rate		Outstanding Balance		Average Rate
Total Federal Home Loan Bank advances by year of maturity:
2019	$	—	—	%	$	100,000	1.92	%
2020	—		—	%	50,000		2.04	%
2021	—		—	%	100,000		1.96	%
2022	50,000		3.01	%	50,000		3.01	%
2023	100,000		3.40	%	100,000		3.40	%
2024	—		—	%	—		—	%
Thereafter	—		—	%	—		—	%
Total	$	150,000	3.27	%	$	400,000	2.45	%
Total U.S. Bank term note by year of maturity:
2022	$	42,500	3.40	%	—		—	%
Total	$	42,500	3.40	%	—		—	%
Total combined long-term debt by year of maturity:
2019	$	—	—	%	100,000		1.92	%
2020	—		—	%	50,000		2.04	%
2021	—		—	%	100,000		1.96	%
2022	92,500		3.19	%	50,000		3.01	%
2023	100,000		3.40	%	100,000		3.40	%
2024	—		—	%	—		—	%
Thereafter	—		—	%	—		—	%
Total	$	192,500	3.30	%	$	400,000	2.45	%

Park had no long-term debt at December 31, 2019 with a contractual maturity longer than five years.

At December 31, 2019 and December 31, 2018, FHLB advances were collateralized by investment securities owned by PNB and by various loans pledged under a blanket agreement by PNB. At December 31, 2019 and December 31, 2018, $18 million and $22 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2019 and December 31, 2018, $1,566 million and $1,646 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by PNB.

On June 20, 2019, Park issued a $50 million term note to U.S. Bank National Association. This term note has a maturity date of June 21, 2022 and accrues interest at a floating rate of one-month LIBOR plus 1.65%. As of December 31, 2019, Park was in compliance with the covenants in the credit agreement related to the term note.