v3.21.1

Long-Term Debt | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Junior Subordinated Notes Issued to Capital Trusts The table below summarizes the terms of each issuance of junior subordinated notes outstanding as of the dates indicated:
(in thousands) |  | Face Value |  | Book Value |  | Interest Rate |  | Rate |  | Maturity Date |  | Callable Date
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
ATBancorp Statutory Trust I |  | $ | 7,732 |  |  | $ | 6,859 |  |  | Three-month LIBOR + 1.68% |  | 1.86 | % |  | 06/15/2036 |  | 06/15/2011
ATBancorp Statutory Trust II |  | 12,372 |  |  | 10,864 |  |  | Three-month LIBOR + 1.65% |  | 1.83 | % |  | 09/15/2037 |  | 06/15/2012
Barron Investment Capital Trust I |  | 2,062 |  |  | 1,775 |  |  | Three-month LIBOR + 2.15% |  | 2.35 | % |  | 09/23/2036 |  | 09/23/2011
Central Bancshares Capital Trust II |  | 7,217 |  |  | 6,845 |  |  | Three-month LIBOR + 3.50% |  | 3.68 | % |  | 03/15/2038 |  | 03/15/2013
MidWestOne Statutory Trust II |  | 15,464 |  |  | 15,464 |  |  | Three-month LIBOR + 1.59% |  | 1.77 | % |  | 12/15/2037 |  | 12/15/2012
Total |  | $ | 44,847 |  |  | $ | 41,807 |  |  |  |  |  |  |  |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
ATBancorp Statutory Trust I |  | $ | 7,732 |  |  | $ | 6,850 |  |  | Three-month LIBOR + 1.68% |  | 1.90 | % |  | 06/15/2036 |  | 06/15/2011
ATBancorp Statutory Trust II |  | 12,372 |  | 10,850 |  | Three-month LIBOR + 1.65% |  | 1.87 | % |  | 09/15/2037 |  | 06/15/2012
Barron Investment Capital Trust I |  | 2,062 |  |  | 1,767 |  |  | Three-month LIBOR + 2.15% |  | 2.39 | % |  | 09/23/2036 |  | 09/23/2011
Central Bancshares Capital Trust II |  | 7,217 |  |  | 6,832 |  |  | Three-month LIBOR + 3.50% |  | 3.72 | % |  | 03/15/2038 |  | 03/15/2013
MidWestOne Statutory Trust II |  | 15,464 |  |  | 15,464 |  |  | Three-month LIBOR + 1.59% |  | 1.81 | % |  | 12/15/2037 |  | 12/15/2012
Total |  | $ | 44,847 |  |  | $ | 41,763 |  |  |  |  |  |  |  |  |
The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated notes at the stated maturity date or upon redemption of the junior subordinated notes. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated notes. The Company’s obligation under the junior subordinated notes and other relevant trust agreements, in aggregate, constitutes a full and unconditional guarantee by the Company of each trust’s obligations under the trust preferred securities issued by each trust. The Company has the right to defer payment of interest on the junior subordinated notes and, therefore, distributions on the trust preferred securities, for up to five years, but not beyond the stated maturity date in the table above. During any such deferral period the Company may not pay cash dividends on its stock and generally may not repurchase its stock. Subordinated Debentures On May 1, 2019, with the acquisition of ATBancorp, the Company assumed $10.9 million of subordinated debentures (the "ATB Debentures"). The ATB Debentures have a stated maturity of May 31, 2023, and bear interest at a fixed annual rate of 6.50%, with interest payable semi-annually. The Company has the option to redeem the debentures, in whole or part, at any time on or after May 31, 2021. On July 28, 2020, the Company completed the private placement offering of $65.0 million of its subordinated notes, of which $63.75 million have been exchanged for subordinated notes registered under the Securities Act of 1933. The 5.75% fixed-to-floating rate subordinated notes are due July 30, 2030. The ATB Debentures and subordinated notes constitute Tier 2 capital under the rules and regulations of the Federal Reserve applicable to the capital status of the subordinated debt of bank holding companies. The ATB Debentures and subordinated notes are phased out of Tier 2 capital by 20% of the amount of the debentures or subordinated notes in each of the five years beginning on the fifth anniversary preceding the maturity date of each debenture. At March 31, 2021, we were permitted to treat 40% of the ATB Debentures as Tier 2 capital, and all of the subordinated notes as Tier 2 capital. Other Long-Term Debt Long-term borrowings were as follows as of March 31, 2021 and December 31, 2020:
| March 31, 2021 |  | December 31, 2020
(in thousands) | Weighted Average Rate |  | Balance |  | Weighted Average Rate |  | Balance
Finance lease payable | 8.89 | % |  | $ | 1,061 |  |  | 8.89 | % |  | $ | 1,096 |
FHLB borrowings | 1.90 |  |  | 84,174 |  |  | 1.92 |  |  | 91,198 |
Total | 1.99 | % |  | $ | 85,235 |  |  | 2.00 | % |  | $ | 92,294 |
The Company utilizes FHLB borrowings as a funding source to supplement customer deposits and to assist in managing interest rate risk. As a member of the FHLBDM, the Bank may borrow funds from the FHLB in amounts up to 45% of the Bank’s total assets, provided the Bank is able to pledge an adequate amount of qualified assets to secure the borrowings. Advances from the FHLB are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements. At March 31, 2021, FHLB long-term borrowings included advances from the FHLBC, which were collateralized by investment securities. See Note 3. Debt Securities of the notes to the consolidated financial statements. As of March 31, 2021, FHLB borrowings were as follows:
(in thousands) |  | Weighted Average Rate |  | Amount
Due in 2021 |  | 0.76 | % |  | $ | 36,000 |
Due in 2022 |  | 2.68 | % |  | 31,000 |
Due in 2023 |  | 2.79 | % |  | 11,000 |
Due in 2024 |  | 3.15 | % |  | 6,000 |
Total |  |  |  | 84,000 |
Valuation adjustment from acquisition accounting |  |  |  | 174 |
Total |  |  |  | $ | 84,174 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: 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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