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Long-Term Borrowings | 9 Months Ended
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Sep. 30, 2019
Long-Term Borrowings |
Long-Term Borrowings | 9. Long-Term Borrowings ​ Long-term borrowings consisted of the following as of September 30, 2019 and December 31, 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
(dollars in thousands) |  | September 30, 2019 |  | December 31, 2018
Finance lease | ​ | $ | 18 | ​ | $ | 26
FHLB fixed-rate advances(1) | ​ | ​ | 200,000 | ​ | ​ | 600,000
Total long-term borrowings | ​ | $ | 200,018 | ​ | $ | 600,026
(1) | Interest is payable monthly.
​ As of September 30, 2019 and December 31, 2018, the Company’s long-term borrowings included $200.0 million and $600.0 million, respectively, 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 September 30, 2019 and December 31, 2018, the available remaining borrowing capacity with the FHLB was $1.6 billion and $1.3 billion, respectively. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of September 30, 2019 and December 31, 2018. See “Note 6. Transfers of Financial Assets” for more information. ​ As of September 30, 2019 and December 31, 2018, the Company’s long-term borrowings included a finance lease obligation with a 6.78% annual interest rate that matures in 2022. ​ As of September 30, 2019, future contractual principal payments and maturities on long-term borrowings were as follows: ​
​ | ​ | ​ | ​
​ | ​ | Principal
(dollars in thousands) |  | Payments
2019 | ​ | $ | —
2020 | ​ | ​ | 9
2021 | ​ | ​ | 9
2022 | ​ | ​ | —
2023(1) | ​ | ​ | 100,000
Thereafter(2) | ​ | ​ | 100,000
Total | ​ | $ | 200,018
(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%.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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