Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2023

Securities Sold under Agreements to Repurchase [Abstract]

Securities Sold Under Agreements to Repurchase

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are secured borrowings.  Old National pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates:

	At or for the Three Months Ended March 31, 2023			At December 31, 2022			At or for the Three Months Ended March 31, 2022
(dollars in thousands)
Outstanding at period end	$	393,018		$	432,804		$	509,275
Average amount outstanding during the period	412,819			N/A			449,939
Maximum amount outstanding at any month-end during the period	430,537			N/A			509,275
Weighted-average interest rate:
During the period	0.77		%	N/A			0.09		%
At period end	0.88		%	1.31		%	0.08		%

The following table presents the contractual maturity of our secured borrowings and class of collateral pledged:

	At March 31, 2023
	Remaining Contractual Maturity of the Agreements
(dollars in thousands)	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 days		Total
Repurchase Agreements:
U.S. Treasury and agency securities	$	393,018	$	—	$	—	$	—	$	393,018
Total	$	393,018	$	—	$	—	$	—	$	393,018

The fair value of securities pledged to secure repurchase agreements may decline.  Old National has pledged securities valued at 125% of the gross outstanding balance of repurchase agreements at March 31, 2023 to manage this risk.