Short and Long-Term Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of components of 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, 2020		December 31, 2019
PPP Liquidity Facility (“PPPLF”)	$	333,876	$	—
FHLB advances	29,015		25,061
Junior subordinated debentures	30,935		30,575
Subordinated notes	12,000		11,993
Total long-term borrowings	$	405,826	$	67,629

Schedule of junior subordinated debentures

		Junior Subordinated Debentures
		September 30, 2020						December 31, 2019
(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		(3,022)		7,288		7,138
2006 Baylake Corp. (3)	9/30/2036	16,598		(3,706)		12,892		12,715
2004 First Menasha Bancshares, Inc. (4)	3/17/2034	5,155		(586)		4,569		4,536
Total		$	38,249	$	(7,314)	$	30,935	$	30,575

(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 1.68% and 3.32% as of September 30, 2020 and December 31, 2019, 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 1.57% and 3.31% as of September 30, 2020 and December 31, 2019, 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 3.04% and 4.69% as of September 30, 2020 and December 31, 2019, respectively.