Securities Sold Under Agreements to Repurchase

6 Months Ended

Jun. 30, 2018

Transfers and Servicing [Abstract]

Securities Sold Under Agreements to Repurchase

NOTE 14 – 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 six months ended June 30:

(dollars in thousands)	2018			2017
Outstanding at June 30,	$	347,511		$	298,094
Average amount outstanding		337,612			330,285
Maximum amount outstanding at any month-end		347,511			351,897
Weighted average interest rate:
During the six months ended June 30,		0.47	%		0.36	%
At June 30,		0.59			0.41

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

	At June 30, 2018
	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	$	347,511	$	—	$	—	$	—	$	347,511
Total	$	347,511	$	—	$	—	$	—	$	347,511

The fair value of securities pledged to secure repurchase agreements may decline. Old National has pledged securities valued at 109% of the gross outstanding balance of repurchase agreements at June 30, 2018 to manage this risk.