SENIOR AND SUBORDINATED DEBT

The following table presents the Company's senior and subordinated debt by issuance.

Senior and Subordinated Debt

(Dollar amounts in thousands)



				As of
	Issuance Date	Maturity Date	Interest Rate	June 30, 2016		December 31, 2015
Senior notes	November 2011	November 2016	5.875%	$	114,952	$	114,891
Subordinated notes	March 2006	April 2016	5.850%	—		38,499
Junior subordinated debentures:
First Midwest Capital Trust I ("FMCT")	November 2003	December 2033	6.950%	37,799		37,799
Great Lakes Statutory Trust II ("GLST II") ⁽¹⁾	December 2005	December 2035	L+1.400% ⁽²⁾	4,344		4,296
Great Lakes Statutory Trust III ("GLST III")⁽¹⁾	June 2007	September 2037	L+1.700% ⁽²⁾	5,781		5,723
Total junior subordinated debentures				47,924		47,818
Total senior and subordinated debt				$	162,876	$	201,208

⁽¹⁾

The junior subordinated debentures related to GLST II and GLST III were assumed by the Company during 2014 through the acquisition of Great Lakes Financial Resources, Inc., the holding company for Great Lakes Bank. These amounts include acquisition adjustments which resulted in a discount of $1.8 million to GLST II and $2.5 million to GLST III as of June 30, 2016 and $1.9 million to GLST II and $2.5 million to GLST III as of December 31, 2015.


⁽²⁾	The interest rates are a variable rate based on the three-month LIBOR plus 1.400% and 1.700% for GLST II and GLST III, respectively.

On April 1, 2016, $38.5 million of 5.850% subordinated notes matured and were repaid by the Company. On November 22, 2016, $115.0 million of 5.875% senior notes will mature. Management is currently evaluating repayment strategies for the senior notes.

Junior Subordinated Debentures

FMCT, GLST II, and GLST III are Delaware statutory business trusts. These trusts were established for the purpose of issuing trust-preferred securities and lending the proceeds to the Company in return for junior subordinated debentures of the Company. The junior subordinated debentures are the sole assets of each trust. Therefore, each trust's ability to pay amounts due on the trust-preferred securities is solely dependent on the Company making payments on the related junior subordinated debentures. The trust-preferred securities are subject to mandatory redemption, in whole or in part, on repayment of the junior subordinated debentures at the stated maturity date or on redemption. The Company guarantees payments of distributions and redemptions on the trust-preferred securities on a limited basis.

Trust-preferred securities are included in Tier 1 capital of the Company for regulatory capital purposes. The statutory trusts qualify as VIEs for which the Company is not the primary beneficiary. Consequently, the accounts of those entities are not consolidated in the Company's financial statements.