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Junior Subordinated Debentures | 9 Months Ended
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Sep. 30, 2023
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] |
Junior Subordinated Debentures | Junior Subordinated Debentures The following table provides a summary of the Company’s junior subordinated debentures as of September 30, 2023. The junior subordinated debentures represent the par value of the obligations owed to the Trusts.
(Dollars in thousands) | Common Securities |  | Trust Preferred Securities |  | Junior Subordinated Debentures |  | Rate Structure (1) |  | Contractual Rate at 9/30/2023 |  | Issue Date |  | Maturity Date |  | Earliest Redemption Date
Wintrust Capital Trust III | $ | 774 |  |  | $ | 25,000 |  |  | $ | 25,774 |  |  | S+0.26161+3.25 |  | 8.82 | % |  | 04/2003 |  | 04/2033 |  | 04/2008
Wintrust Statutory Trust IV | 619 |  |  | 20,000 |  |  | 20,619 |  |  | S+0.26161+2.80 |  | 8.46 | % |  | 12/2003 |  | 12/2033 |  | 12/2008
Wintrust Statutory Trust V | 1,238 |  |  | 40,000 |  |  | 41,238 |  |  | S+0.26161+2.60 |  | 8.26 | % |  | 05/2004 |  | 05/2034 |  | 06/2009
Wintrust Capital Trust VII | 1,550 |  |  | 50,000 |  |  | 51,550 |  |  | S+0.26161+1.95 |  | 7.62 | % |  | 12/2004 |  | 03/2035 |  | 03/2010
Wintrust Capital Trust VIII | 1,238 |  |  | 25,000 |  |  | 26,238 |  |  | S+0.26161+1.45 |  | 7.11 | % |  | 08/2005 |  | 09/2035 |  | 09/2010
Wintrust Capital Trust IX | 1,547 |  |  | 50,000 |  |  | 51,547 |  |  | S+0.26161+1.63 |  | 7.30 | % |  | 09/2006 |  | 09/2036 |  | 09/2011
Northview Capital Trust I | 186 |  |  | 6,000 |  |  | 6,186 |  |  | S+0.26161+3.00 |  | 8.63 | % |  | 08/2003 |  | 11/2033 |  | 08/2008
Town Bankshares Capital Trust I | 186 |  |  | 6,000 |  |  | 6,186 |  |  | S+0.26161+3.00 |  | 8.63 | % |  | 08/2003 |  | 11/2033 |  | 08/2008
First Northwest Capital Trust I | 155 |  |  | 5,000 |  |  | 5,155 |  |  | S+0.26161+3.00 |  | 8.66 | % |  | 05/2004 |  | 05/2034 |  | 05/2009
Suburban Illinois Capital Trust II | 464 |  |  | 15,000 |  |  | 15,464 |  |  | S+0.26161+1.75 |  | 7.42 | % |  | 12/2006 |  | 12/2036 |  | 12/2011
Community Financial Shares Statutory Trust II | 109 |  |  | 3,500 |  |  | 3,609 |  |  | S+0.26161+1.62 |  | 7.29 | % |  | 06/2007 |  | 09/2037 |  | 06/2012
Total |  |  |  |  | $ | 253,566 |  |  |  |  | 7.85 | % |  |  |  |  |  |
(1)The interest rates on the variable rate junior subordinated debentures are based on the three-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) and reset on a quarterly basis. The junior subordinated debentures totaled $253.6 million at September 30, 2023, December 31, 2022 and September 30, 2022. At September 30, 2023, the weighted average contractual interest rate on the junior subordinated debentures was 7.85%. Under AIRLA and Part 253 of Regulation ZZ (Rule 253), after June 30, 2023, the interest rate on the junior subordinated debentures, by operation of law, changed their base rate from USD LIBOR to CME Term SOFR of the same tenor, plus an applicable tenor spread adjustment. CME Term SOFR is an indicative, forward-looking measurement of daily overnight SOFR. CME Term SOFR is published by CME Group Inc., as administrator of that rate. The calculation agent for any series of the junior subordinated debentures may also make additional administrative conforming changes to the terms of that series of the junior subordinated debentures under AIRLA and Rule 253.

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