Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2019

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 three months ended March 31:

(dollars in thousands)	2019			2018
Outstanding at March 31,	$	342,480		$	308,189
Average amount outstanding		361,261			342,682
Maximum amount outstanding at any month-end		367,884			336,319
Weighted-average interest rate:
During the three months ended March 31,		0.74	%		0.42	%
At March 31,		0.79			0.48

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

	At March 31, 2019
	Remaining Contractual Maturity of the Agreements
	Overnight and		Up to				Greater Than
(dollars in thousands)	Continuous		30 Days		30-90 Days		90 days		Total
Repurchase Agreements:
U.S. Treasury and agency securities	$	342,480	$	—	$	—	$	—	$	342,480
Total	$	342,480	$	—	$	—	$	—	$	342,480

The fair value of securities pledged to secure repurchase agreements may decline.  Old National has pledged securities valued at 119% of the gross outstanding balance of repurchase agreements at March 31, 2019 to manage this risk.