Securities Sold Under Agreements to Repurchase

6 Months Ended

Jun. 30, 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 six months ended June 30:

(dollars in thousands)	2019			2018
Outstanding at June 30,	$	334,540		$	347,511
Average amount outstanding		346,396			337,612
Maximum amount outstanding at any month-end		367,884			347,511
Weighted-average interest rate:
During the six months ended June 30,		0.78	%		0.47	%
At June 30,		0.86			0.59

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

	At June 30, 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	$	334,540	$	—	$	—	$	—	$	334,540
Total	$	334,540	$	—	$	—	$	—	$	334,540

The fair value of securities pledged to secure repurchase agreements may decline.  Old National has pledged securities valued at 111% of the gross outstanding balance of repurchase agreements at June 30, 2019 to manage this risk.