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Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2021

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)			2021						2020
FHLB advances (fixed rates 0.45% to 4.96% and    variable rates 0.07% to 0.09%) maturing    October 2022 to January 2041			$	1,902,655					$	1,999,160
Fair value hedge basis adjustments and unamortized    prepayment fees			(16,636)						(7,725)
Total other borrowings			$	1,886,019					$	1,991,435

FHLB advances had weighted-average rates of 1.30% at December 31, 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 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%. 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, 2021, unamortized prepayment fees related to all debt modifications totaled $26.2 million, compared to $30.0 million at December 31, 2020.

Contractual maturities of FHLB advances at December 31, 2021 were as follows:

(dollars in thousands)
Due in 2022			$	27,500
Due in 2023			155
Due in 2024			25,000
Due in 2025			550,000
Due in 2026			100,000
Thereafter			1,200,000
Fair value hedge basis adjustments and unamortized prepayment fees			(16,636)
Total			$	1,886,019

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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.

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