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Other Borrowings
 9 Months Ended
Sep. 30, 2021
Other Liabilities Disclosure [Abstract]  
Other Borrowings OTHER BORROWINGS
The following table summarizes Old National’s other borrowings:
(dollars in thousands)September 30,
2021		December 31,
2020
Old National Bancorp:  
Senior unsecured notes (fixed rate 4.125% maturing August 2024)
$175,000 $175,000 
Unamortized debt issuance costs related to senior unsecured notes(442)(559)
Junior subordinated debentures (variable rates of
   1.68% to 1.87%) maturing March 2035 to June 2037
42,000 42,000 
Other basis adjustments(3,082)(3,195)
Old National Bank:
Finance lease liabilities16,688 11,813 
Subordinated debentures (variable rate 4.48%)
12,000 12,000 
Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%)
   maturing December 2046 to December 2052
25,655 15,300 
Other3,149 428 
Total other borrowings$270,968 $252,787 
Contractual maturities of other borrowings at September 30, 2021 were as follows:
(dollars in thousands) 
Due in 2021$533 
Due in 20222,242 
Due in 20232,319 
Due in 2024177,377 
Due in 20252,426 
Thereafter86,446 
Unamortized debt issuance costs and other basis adjustments(375)
Total$270,968 
Senior Notes
In August 2014, Old National issued $175.0 million of senior unsecured notes with a 4.125% interest rate.  These notes pay interest on February 15 and August 15 and mature on August 15, 2024.
Junior Subordinated Debentures
Junior subordinated debentures related to trust preferred securities are classified in “other borrowings.”  Junior subordinated debentures qualify as Tier 2 capital for regulatory purposes, subject to certain limitations.
Through various acquisitions, Old National assumed junior subordinated debenture obligations related to various trusts that issued trust preferred securities.  Old National guarantees the payment of distributions on the trust preferred securities issued by the trusts.  Proceeds from the issuance of each of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by the trusts.
Old National, at any time, may redeem the junior subordinated debentures at par and, thereby cause a redemption of the trust preferred securities in whole or in part.
The following table summarizes the terms of our outstanding junior subordinated debentures:
(dollars in thousands)   
Rate at
September 30,
2021
 
Name of TrustIssuance DateIssuance
Amount		RateMaturity Date
St. Joseph Capital Trust IIMarch 2005$5,000 
3-month LIBOR plus 1.75%
1.87%March 17, 2035
Anchor Capital Trust IIIAugust 20055,000 
3-month LIBOR plus 1.55%
1.68%September 30, 2035
Home Federal Statutory
   Trust I		September 200615,000 
3-month LIBOR plus 1.65%
1.77%September 15, 2036
Monroe Bancorp Capital
   Trust I		July 20063,000 
3-month LIBOR plus 1.60%
1.73%October 7, 2036
Tower Capital Trust 3December 20069,000 
3-month LIBOR plus 1.69%
1.81%March 1, 2037
Monroe Bancorp Statutory
   Trust II		March 20075,000 
3-month LIBOR plus 1.60%
1.72%June 15, 2037
Total$42,000 
Subordinated Debentures
On November 1, 2017, Old National assumed $12.0 million of subordinated fixed-to-floating notes related to the acquisition of Anchor (MN).  The subordinated debentures had a 5.75% fixed rate of interest through October 29, 2020.  From October 30, 2020 to the October 30, 2025 maturity date, the debentures have a floating rate of interest equal to the three-month LIBOR rate plus 4.356%.
Finance Lease Liabilities
Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $16.7 million.  See Note 9 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities.