As a member of the FHLB, the Bank can access a number of credit products which are utilized to provide liquidity. As of March 31, 2020 and December 31, 2019, the Bank had long-term debt outstanding in the amount of $23,364,000 and $32,903,000, respectively, consisting of FHLB fixed rate instruments, and a finance lease obligation executed during the first quarter of 2019.

The FHLB fixed rate instruments are secured under the terms of a blanket collateral agreement with the FHLB consisting of FHLB stock and qualifying Mid Penn loan receivables, principally real estate secured loans. Mid Penn also obtains letters of credit from the FHLB to secure certain public fund deposits of municipality and school district customers who agree to use of the FHLB letters of credit. These FHLB letter of credit commitments totaled $169,636,000 as of March 31, 2020 and $169,051,000 as of December 31, 2019.

The following table presents a summary of long-term debt as of March 31, 2020 and December 31, 2019.


(Dollars in thousands)	March 31, 2020		December 31, 2019
FHLB fixed rate instruments:
Due June 2020, 1.72%	$	—	$	2,000
Due July 2020, 2.45%		5,000		5,000
Due August 2020, 3.05%		5,000		5,000
Due September 2020, 2.38%		—		2,500
Due October 2020, 3.06%		5,000		5,000
Due November 2020, 2.32%		—		3,000
Due December 2020, 1.78%		—		2,000
Due December 2020, 2.31%		3,000		3,000
Due August 2026, 4.80%		1,788		1,846
Due February 2027, 6.71%		46		47
Less: fair value adjustments on debt assumed in acquisitions		—		(41	)
Total FHLB fixed rate instruments		19,834		29,352
Lease obligations included in long-term debt		3,530		3,551
Total long-term debt	$	23,364	$	32,903

Mid Penn prepaid $9,500,000 of FHLB fixed rate instruments originally due in 2020 and recognized a prepayment penalty of $63,000 that is included in other expenses on the Consolidated Statement of Income for the three months ended March 31, 2020. No prepayment penalties were recognized during the three months ended March 31, 2019.