Short and Long-Term Borrowings

Short-Term Borrowings:

The Company did not have any short-term borrowings (borrowing with an original maturity of one year or less) outstanding at September 30, 2019 or December 31, 2018.

Long-Term Borrowings:

The components of long-term borrowings (borrowing with an original maturity greater than one year) were as follows.



(in thousands)	September 30, 2019			December 31, 2018
FHLB advances	$	15,056		$	35,252
Junior subordinated debentures	30,455			30,096
Subordinated notes	11,984			11,957
Total long-term borrowings	$	57,495		$	77,305
Percent of fixed rate long-term borrowings	58		%	69		%
Percent of floating rate long-term borrowings	42		%	31		%

FHLB Advances: The FHLB advances bear fixed rates, require interest-only monthly payments, and have maturity dates through 2022. The weighted average rate of the FHLB advances was 1.95% at September 30, 2019 and 1.72% at December 31, 2018. During third quarter 2019, the Company repaid a $20 million puttable FHLB advance.

Junior Subordinated Debentures: The following table shows the breakdown of junior subordinated debentures. Interest on all debentures is current. Any applicable discounts (initially recorded to carry an acquired debenture at its then estimated fair market value) are being accreted to interest expense over the remaining life of the debentures. All the debentures below are currently callable and may be redeemed in part or in full at par plus any accrued but unpaid interest. At September 30, 2019 and December 31, 2018, $29.3 million and $28.9 million, respectively, qualify as Tier 1 capital.



		Junior Subordinated Debentures
				9/30/2019			9/30/2019		12/31/18
(in thousands)	Maturity Date	Par		Unamortized Discount			Carrying Value		Carrying Value
2004 Nicolet Bankshares Statutory Trust ⁽¹⁾	7/15/2034	$	6,186	$	—		$	6,186	$	6,186
2005 Mid-Wisconsin Financial Services, Inc. ⁽²⁾	12/15/2035	10,310		(3,222		)	7,088		6,939
2006 Baylake Corp. ⁽³⁾	9/30/2036	16,598		(3,942		)	12,656		12,478
2004 First Menasha Bancshares, Inc. ⁽⁴⁾	3/17/2034	5,155		(630		)	4,525		4,493
Total		$	38,249	$	(7,794	)	$	30,455	$	30,096


(1)	The interest rate is 8.00% fixed.


(2)	The debentures, assumed in April 2013 as the result of an acquisition, have a floating rate of the three-month LIBOR plus 1.43%, adjusted quarterly. The interest rates were 3.55% and 4.22% as of September 30, 2019 and December 31, 2018, respectively.


(3)	The debentures, assumed in April 2016 as a result of an acquisition, have a floating rate of the three-month LIBOR plus 1.35%, adjusted quarterly. The interest rates were 3.45% and 4.15% as of September 30, 2019 and December 31, 2018, respectively.


(4)	The debentures, assumed in April 2017 as the result of an acquisition, have a floating rate of the three-month LIBOR plus 2.79%, adjusted quarterly. The interest rates were 4.93% and 5.58% as of September 30, 2019 and December 31, 2018, respectively.

Subordinated Notes: In 2015, the Company placed an aggregate of $12 million in subordinated Notes in private placements with certain accredited investors. All Notes were issued with 10-year maturities, have a fixed annual interest rate of 5% payable quarterly, are callable on or after the fifth anniversary of their respective issuances dates, and qualify for Tier 2 capital for regulatory purposes.