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Federal Home Loan Bank Advances | 9 Months Ended
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Sep. 30, 2021
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:
(dollars in thousands) | September 30, 2021 |  | December 31, 2020
FHLB advances (fixed rates 0.45% to 4.96% and variable rates 0.07% to 0.09%) maturing October 2022 to January 2041 | $ | 1,904,155 |  |  | $ | 1,999,160 |
Fair value hedge basis adjustments and unamortized prepayment fees | (14,101) |  |  | (7,725) |
Total | $ | 1,890,054 |  |  | $ | 1,991,435 |
FHLB advances had weighted-average rates of 1.30% at September 30, 2021 and 1.32% at December 31, 2020. Investment securities and residential real estate loans collateralize these borrowings up to 140% of outstanding debt. In the first quarter of 2021, Old National modified $50.0 million pertaining to two FHLB advances, which lowered their weighted average effective rates from 1.53% to 0.33%. At September 30, 2021, total unamortized prepayment fees related to all debt modifications totaled $27.7 million, compared to $30.0 million at December 31, 2020. Contractual maturities of FHLB advances at September 30, 2021 were as follows:
(dollars in thousands) |
Due in 2021 | $ | — |
Due in 2022 | 29,000 |
Due in 2023 | 155 |
Due in 2024 | 25,000 |
Due in 2025 | 550,000 |
Thereafter | 1,300,000 |
Fair value hedge basis adjustments and unamortized prepayment fees | (14,101) |
Total | $ | 1,890,054 |

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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=123599511&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=123465755&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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