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Federal Home Loan Bank Advances

9 Months Ended

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
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-Section S99
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-Subparagraph (SX 210.9-03.13(a))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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