Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 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 Nine Months Ended September 30,
(dollars in thousands)	2023			2022
Outstanding at period end	$	279,061		$	438,053
Average amount outstanding during the period	351,362			450,966
Maximum amount outstanding at any month-end during the period	430,537			509,275
Weighted-average interest rate:
During the period	0.91		%	0.09		%
At period end	1.35		%	0.40		%

At December 31, 2022, securities sold under agreements to repurchase totaled $432.8 million with a weighted-average interest rate of 1.31%.

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

	At September 30, 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	$	279,061	$	—	$	—	$	—	$	279,061
Total	$	279,061	$	—	$	—	$	—	$	279,061

The fair value of securities pledged to secure repurchase agreements may decline.  Old National has pledged securities valued at 107% of the gross outstanding balance of repurchase agreements at September 30, 2023 to manage this risk.