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OTHER BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Other Borrowings
Other borrowings, which Heartland defines as borrowings with an original maturity date of more than one year, outstanding at December 31, 2020 and 2019, are shown in the table below, net of discount and issuance costs amortization, in thousands:
 20202019
Advances from the FHLB; weighted average interest rates were 3.03% and 4.08% at December 31, 2020 and 2019, respectively
$1,018 $2,835 
Paycheck Protection Program Liquidity Fund188,872 — 
Trust preferred securities146,323 145,343 
Note payable to unaffiliated bank44,417 51,417 
Contracts payable for purchase of real estate and other assets1,983 1,892 
Subordinated notes74,429 74,286 
Total$457,042 $275,773 
Schedule of Trust Preferred Offerings Outstanding
A schedule of Heartland’s trust preferred offerings outstanding, as of December 31, 2020, were as follows, in thousands:
Amount
Issued
Interest
Rate
Interest Rate as
of 12/31/20(1)
Maturity
Date
Callable
Date
Heartland Financial Statutory Trust IV$10,310 
2.75% over LIBOR
2.98%
(2)
03/17/203403/17/2021
Heartland Financial Statutory Trust V20,619 
1.33% over LIBOR
1.57%04/07/203604/07/2021
Heartland Financial Statutory Trust VI20,619 
1.48% over LIBOR
1.70%
(3)
09/15/203703/15/2021
Heartland Financial Statutory Trust VII18,042 
1.48% over LIBOR
1.71%
(4)
09/01/203703/01/2021
Morrill Statutory Trust I9,182 
3.25% over LIBOR
3.50%12/26/203203/26/2021
Morrill Statutory Trust II8,865 
2.85% over LIBOR
3.08%12/17/203303/17/2021
Sheboygan Statutory Trust I 6,615 
2.95% over LIBOR
3.18%09/17/203303/17/2021
CBNM Capital Trust I4,458 
3.25% over LIBOR
3.47%12/15/203403/15/2021
Citywide Capital Trust III6,494 
2.80% over LIBOR
3.01%12/19/203304/23/2021
Citywide Capital Trust IV4,353 
2.20% over LIBOR
2.41%09/30/203405/23/2021
Citywide Capital Trust V11,973 
1.54% over LIBOR
1.76%07/25/203603/15/2021
OCGI Statutory Trust III3,004 
3.65% over LIBOR
3.89%
(5)
09/30/203203/30/2021
OCGI Capital Trust IV5,399 
2.50% over LIBOR
2.72%
(6)
12/15/203403/15/2021
BVBC Capital Trust II7,238 
3.25% over LIBOR
3.46%04/24/203304/24/2021
BVBC Capital Trust III9,226 
1.60% over LIBOR
1.85%09/30/203503/30/2021
Total trust preferred offerings146,397 
Less: deferred issuance costs(74)
 $146,323     
(1) Effective weighted average interest rate as of December 31, 2020, was 3.40% due to interest rate swap transactions as discussed in Note 12 to Heartland's consolidated financial statements.
(2) Effective interest rate as of December 31, 2020, was 5.01% due to an interest rate swap transaction as discussed in Note 12 to Heartland's consolidated financial statements.
(3) Effective interest rate as of December 31, 2020, was 3.87% due to an interest rate swap transaction as discussed in Note 12 to Heartland's consolidated financial statements.
(4) Effective interest rate as of December 31, 2020, was 3.83% due to an interest rate swap transaction as discussed in Note 12 to Heartland's consolidated financial statements.
(5) Effective interest rate as of December 31, 2020, was 5.53% due to an interest rate swap transaction as discussed in Note 12 to Heartland's consolidated financial statements.
(6) Effective interest rate as of December 31, 2020, was 4.37% due to an interest rate swap transaction as discussed in Note 12 to Heartland's consolidated financial statements.
Schedule of Future Payments of Other Borrowings
Future payments at December 31, 2020, for other borrowings at their maturity date follow in the table below, in thousands.
2021$24,656 
2022191,830 
20233,037 
202477,542 
20253,002 
Thereafter156,975 
Total$457,042