Long-Term Debt

12 Months Ended

Dec. 31, 2020

Long-term debt is listed below:


December 31,	2020				2019
(In thousands)	Outstanding Balance		Interest Rate		Outstanding Balance		Interest Rate
Total Federal Home Loan Bank advances by year of maturity:
2020	$	—	—	%	$	—	—	%
2021	—		—	%	—		—	%
2022	—		—	%	50,000		3.01	%
2023	—		—	%	100,000		3.40	%
2024	—		—	%	—		—	%
2025	—		—	%	—		—	%
Thereafter	—		—	%	—		—	%
Total	$	—	—	%	$	150,000	3.27	%
Total U.S. Bank term note by year of maturity:
2022	$	32,500	1.84	%	42,500		3.40	%
Total	$	32,500	1.84	%	42,500		3.40	%
Total combined long-term debt by year of maturity:
2020	$	—	—	%	—		—	%
2021	—		—	%	—		—	%
2022	32,500		1.84	%	92,500		3.19	%
2023	—		—	%	100,000		3.40	%
2024	—		—	%	—		—	%
2025	—		—	%	—		—	%
Thereafter	—		—	%	—		—	%
Total	$	32,500	1.84	%	$	192,500	3.30	%

Park had no long-term debt at December 31, 2020 with a contractual maturity longer than five years.

On February 18, 2020, Park prepaid $50 million of FHLB advances, incurring a $1.8 million prepayment penalty recognized within "FHLB prepayment penalty" on the Consolidated Statement of Income for the year ended December 31, 2020. These advances had an average interest rate of 3.01% and maturity dates of March 14, 2022 and September 15, 2022.

On December 3, 2020, Park prepaid $100 million of FHLB advances, incurring an $8.7 million prepayment penalty recognized within "FHLB prepayment penalty" on the Consolidated Statement of Income for the year ended December 31, 2020. These advances had an interest rate of 3.40% and a maturity date of December 1, 2023.

At December 31, 2020 and December 31, 2019, FHLB advances were collateralized by investment securities owned by PNB and by various loans pledged under a blanket agreement by PNB. At December 31, 2020 and December 31, 2019, $14 million and $18 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2020 and December 31, 2019, $1,521 million and $1,566 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, 2020, Park was in compliance with the covenants in the credit agreement related to the term note.