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 December 31,
	Issuance Date	Maturity Date	Interest Rate	2018		2017
Subordinated notes	September 2016	September 2026	5.875%	$	147,282	$	146,927
Junior subordinated debentures:
First Midwest Capital Trust I ("FMCT")	November 2003	December 2033	6.950%	37,803		37,801
Great Lakes Statutory Trust II ("GLST II")⁽¹⁾	December 2005	December 2035	L+1.400%⁽²⁾	4,580		4,486
Great Lakes Statutory Trust III ("GLST III")⁽¹⁾	June 2007	September 2037	L+1.700%⁽²⁾	6,071		5,956
Northern States Statutory Trust I ("NSST I")⁽¹⁾	September 2005	September 2035	L+1.800%⁽²⁾	8,072		—
Total junior subordinated debentures				56,526		48,243
Total senior and subordinated debt				$	203,808	$	195,170


⁽¹⁾	The junior subordinated debentures related to GLST II, GLST III, and NSST I were assumed by the Company through acquisitions. These amounts include acquisition adjustment discounts that total $6.0 million and $4.0 million as of December 31, 2018 and 2017, respectively.


⁽²⁾	The interest rates are a variable rate, based on three-month LIBOR plus 1.400%, 1.700% and $1.800% for GLST II, GLST III, and NSST I, respectively.

Junior Subordinated Debentures

FMCT, GLST II, GLST III and NSST I 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.

For regulatory capital purposes, the Tier 1 capital treatment of trust-preferred securities ended during 2018 due to asset growth, and those securities are instead treated as Tier 2 capital. The statutory trusts qualify as variable interest entities for which the Company is not the primary beneficiary. Consequently, the accounts of those entities are not consolidated in the Company's financial statements.