Long-term advances from the FHLB were $125,000 at December 31, 2019 and $5,000 at December 31, 2018. Outstanding balances have maturity dates ranging from May 2029 to October 2029 with fixed rates ranging from 1.03% to 2.05%. The average rate on outstanding advances was 1.44% at December 31, 2019. Outstanding advances are prepayable in whole only and are subject to a termination fee.

Scheduled principal reductions of FHLB advances outstanding at December 31, 2019 were as follows:

2029		$	125,000
Total		$	125,000

In addition to the borrowings, the Company had outstanding letters of credit with the FHLB totaling $20,000 at year-end 2019 and 2018, respectively, used for pledging to secure public funds. FHLB borrowings and the letters of credit were collateralized by FHLB stock and by $369,750 and $320,400 of residential mortgage loans under a blanket lien arrangement at year-end 2019 and 2018, respectively.

The Company had a FHLB maximum borrowing capacity of $564,516 as of December 31, 2019, with remaining borrowing capacity of approximately $318,016. The borrowing arrangement with the FHLB is subject to annual renewal. The maximum borrowing capacity is recalculated at least quarterly.