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Federal Home Loan Bank Advances | 12 Months Ended
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Dec. 31, 2020
Advances from Federal Home Loan Banks [Abstract] |
Federal Home Loan Bank Advances | FEDERAL HOME LOAN BANK ADVANCES The following table summarizes Old National Bank’s FHLB advances:
| December 31,
(dollars in thousands) | 2020 |  | 2019
FHLB advances (fixed rates 0.14% to 4.96% and variable rates 0.10% to 0.12%) maturing January 2021 to August 2035 | $ | 1,999,160 |  |  | $ | 1,800,664 |
Fair value hedge basis adjustments and unamortized prepayment fees | (7,725) |  |  | 22,183 |
Total other borrowings | $ | 1,991,435 |  |  | $ | 1,822,847 |
FHLB advances had weighted-average rates of 1.32% at December 31, 2020 and 2.19% at December 31, 2019. Investment securities and residential real estate loans collateralize these borrowings up to 140% of outstanding debt. In 2020, Old National modified $500.0 million pertaining to four FHLB advances, which lowered their weighted average effective rates from 2.00% to 1.28%. At December 31, 2020, unamortized prepayment fees related to these modifications totaled $30.0 million. Contractual maturities of FHLB advances at December 31, 2020 were as follows:
(dollars in thousands) |
Due in 2021 | $ | 95,000 |
Due in 2022 | 29,000 |
Due in 2023 | 160 |
Due in 2024 | 75,000 |
Due in 2025 | 550,000 |
Thereafter | 1,250,000 |
Fair value hedge basis adjustments and unamortized prepayment fees | (7,725) |
Total | $ | 1,991,435 |

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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