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Long-Term Debt
 3 Months Ended
Mar. 31, 2020
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 ValueBook ValueInterest RateRateMaturity DateCallable Date
March 31, 2020
ATBancorp Statutory Trust I$7,732  $6,823  
Three-month LIBOR + 1.68%
2.42 %06/15/203606/15/2011
ATBancorp Statutory Trust II12,372  10,808  
Three-month LIBOR + 1.65%
2.39 %06/15/203706/15/2012
Central Bancshares Capital Trust II7,217  6,795  
Three-month LIBOR + 3.50%
4.24 %03/15/203803/15/2013
Barron Investment Capital Trust I2,062  1,741  
Three-month LIBOR + 2.15%
3.35 %09/23/203609/23/2011
MidWestOne Statutory Trust II15,464  15,464  
Three-month LIBOR + 1.59%
2.33 %12/15/203712/15/2012
Total
$44,847  $41,631  
December 31, 2019
ATBancorp Statutory Trust I$7,732  $6,814  Three-month LIBOR + 1.68%3.57 %06/15/203606/15/2011
ATBancorp Statutory Trust II12,37210,794Three-month LIBOR + 1.65%3.54 %09/15/203706/15/2012
Central Bancshares Capital Trust II7,217  6,783  Three-month LIBOR + 3.50%5.39 %03/15/203803/15/2013
Barron Investment Capital Trust I2,062  1,732  Three-month LIBOR + 2.15%4.08 %09/23/203609/23/2011
MidWestOne Statutory Trust II15,464  15,464  Three-month LIBOR + 1.59%3.48 %12/15/203712/15/2012
    Total$44,847  $41,587  
Subordinated Debentures
On May 1, 2019, with the acquisition of ATBancorp, the Company assumed $10.9 million of subordinated debentures. These 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 on March 15th and September 15th. The Company has the option to redeem the debentures, in whole or part, at any time on or after May 31, 2021. The debentures 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. Beginning on the fifth anniversary preceding the maturity date of each debenture, we were required to begin amortizing the amount of the debentures that may be treated as Tier 2 capital. Specifically, we will lose Tier 2 treatment for 20% of the amount of the debentures in each of the final five years preceding maturity, such that during the final year, we will not be permitted to treat any portion of the debentures as Tier 2 capital. At March 31, 2020, we were permitted to treat 60% of the debentures as Tier 2 capital.

Other Long-Term Debt
Long-term borrowings were as follows as of March 31, 2020 and December 31, 2019:
March 31, 2020December 31, 2019
(in thousands)Weighted Average RateBalanceWeighted Average RateBalance
Finance lease payable8.89 %$1,194  8.89 %$1,224  
FHLB borrowings2.30  125,673  2.25  145,700  
Notes payable to unaffiliated bank3.11  30,482  3.44  32,250  
Total
2.51 %$157,349  2.51 %$179,174  
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 5. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements. At March 31, 2020, FHLB long-term borrowings included advances from the FHLBC, which were collateralized by investment securities. See Note 4. Debt Securities of the notes to the consolidated financial statements.
On April 30, 2015, the Company entered into a $35.0 million unsecured note payable with a correspondent bank with a maturity date of June 30, 2020. As of March 31, 2020, $1.6 million of that note was outstanding.

On April 30, 2019, the Company entered into a $35.0 million unsecured note payable with a correspondent bank with a maturity date of April 30, 2024. Quarterly principal and interest payments began June 30, 2019 and, as of March 31, 2020, $28.9 million of that note was outstanding.