Long-Term Borrowings

6 Months Ended

Jun. 30, 2020

Long-Term Borrowings

Long-Term Borrowings

9. Long-Term Borrowings

Long-term borrowings consisted of the following as of June 30, 2020 and December 31, 2019:

(dollars in thousands)	June 30, 2020		December 31, 2019
Finance lease	$	19	$	19
FHLB fixed-rate advances(1)		200,000		200,000
Total long-term borrowings	$	200,019	$	200,019

(1) Interest is payable monthly.

As of June 30, 2020 and December 31, 2019, the Company’s long-term borrowings included $200.0 million in FHLB fixed-rate advances with a weighted average interest rate of 2.73% and maturity dates ranging from 2023 to 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date.

As of June 30, 2020 and December 31, 2019, the Company’s long-term borrowings included a finance lease obligation with a 6.78% annual interest rate that matures in 2022.

As of June 30, 2020, future contractual principal payments and maturities of long-term borrowings were as follows:

	Principal
(dollars in thousands)	Payments
2020	$	9
2021		10
2022		—
2023(1)		100,000
2024(2)		100,000
Total	$	200,019

(1) FHLB fixed-rate advance callable on December 4, 2020 with an interest rate of 2.80%.

(2) FHLB fixed-rate advance callable on January 15, 2021 with an interest rate of 2.65%.