Other Borrowings

12 Months Ended

Dec. 31, 2023

OTHER BORROWINGS

The following table summarizes Old National’s other borrowings:


	December 31,
(dollars in thousands)	2023		2022
Old National Bancorp:
Senior unsecured notes (fixed rate 4.125%) maturing August 2024	$	175,000	$	175,000
Unamortized debt issuance costs related to senior unsecured notes	(91)		(247)
Subordinated debentures (fixed rate 5.875%) maturing September 2026	150,000		150,000
Junior subordinated debentures (rates of 6.95% to 9.22%) maturing July 2031 to September 2037	136,643		136,643
Other basis adjustments	18,207		23,363
Old National Bank:
Finance lease liabilities	20,955		13,469
Subordinated debentures (3-month SOFR plus 4.618%; variable rate 10.01%) maturing October 2025	12,000		12,000
Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060	154,284		143,187
Other (1)	97,872		89,588
Total other borrowings	$	764,870	$	743,003

(1)Includes overnight borrowings to collateralize certain derivative positions totaling $97.6 million at December 31, 2023 and $88.0 million at December 31, 2022.

Contractual maturities of other borrowings at December 31, 2023 were as follows:


(dollars in thousands)
Due in 2024	$	275,263
Due in 2025	14,740
Due in 2026	151,576
Due in 2027	1,636
Due in 2028	1,594
Thereafter	301,683
Unamortized debt issuance costs and other basis adjustments	18,378
Total	$	764,870

Junior Subordinated Debentures

Junior subordinated debentures related to trust preferred securities are classified in “other borrowings.” Junior subordinated debentures qualify as Tier 2 capital for regulatory purposes, subject to certain limitations.

Through various mergers and acquisitions, Old National assumed junior subordinated debenture obligations related to various trusts that issued trust preferred securities. Old National guarantees the payment of distributions on the

trust preferred securities issued by the trusts. Proceeds from the issuance of each of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by the trusts.

Old National, at any time, may redeem the junior subordinated debentures at par and, thereby cause a redemption of the trust preferred securities in whole or in part.

The following table summarizes the terms of our outstanding junior subordinated debentures as of December 31, 2023:


(dollars in thousands) Name of Trust	Issuance Date	Issuance Amount		Rate	Rate at December 31, 2023		Maturity Date
Bridgeview Statutory Trust I	July 2001	$	15,464	3-month SOFR plus 3.58%	9.22	%	July 31, 2031
Bridgeview Capital Trust II	December 2002	15,464		3-month SOFR plus 3.35%	9.01	%	January 7, 2033
First Midwest Capital Trust I	November 2003	37,825		6.95% fixed	6.95	%	December 1, 2033
St. Joseph Capital Trust II	March 2005	5,155		3-month SOFR plus 1.75%	7.39	%	March 17, 2035
Northern States Statutory Trust I	September 2005	10,310		3-month SOFR plus 1.80%	7.45	%	September 15, 2035
Anchor Capital Trust III	August 2005	5,000		3-month SOFR plus 1.55%	7.14	%	September 30, 2035
Great Lakes Statutory Trust II	December 2005	6,186		3-month SOFR plus 1.40%	7.05	%	December 15, 2035
Home Federal Statutory Trust I	September 2006	15,464		3-month SOFR plus 1.65%	7.30	%	September 15, 2036
Monroe Bancorp Capital Trust I	July 2006	3,093		3-month SOFR plus 1.60%	7.26	%	October 7, 2036
Tower Capital Trust 3	December 2006	9,279		3-month SOFR plus 1.69%	7.33	%	March 1, 2037
Monroe Bancorp Statutory Trust II	March 2007	5,155		3-month SOFR plus 1.60%	7.25	%	June 15, 2037
Great Lakes Statutory Trust III	June 2007	8,248		3-month SOFR plus 1.70%	7.35	%	September 15, 2037
Total		$	136,643

Leveraged Loans

The leveraged loans are directly related to the NMTC structure. As part of the transaction structure, Old National has the right to sell its interest in the entity that received the leveraged loans at an agreed upon price to the leveraged lender at the end of the NMTC seven-year compliance period. See Note 9 to the consolidated financial statements for additional information on the Company’s NMTC investments.

Finance Lease Liabilities

Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $21.0 million at December 31, 2023. See Note 6 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities.