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Securities Sold Under Agreements to Repurchase | 9 Months Ended
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Sep. 30, 2023
Securities Sold under Agreements to Repurchase [Abstract] |
Securities Sold Under Agreements to Repurchase | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase are secured borrowings. Old National pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates:
| At or for the Nine Months Ended September 30,
(dollars in thousands) | 2023 |  | 2022
Outstanding at period end | $ | 279,061 |  |  | $ | 438,053 |
Average amount outstanding during the period | 351,362 |  |  | 450,966 |
Maximum amount outstanding at any month-end during the period | 430,537 |  |  | 509,275 |
Weighted-average interest rate: |  |  |
During the period | 0.91 | % |  | 0.09 | %
At period end | 1.35 | % |  | 0.40 | %
At December 31, 2022, securities sold under agreements to repurchase totaled $432.8 million with a weighted-average interest rate of 1.31%. The following table presents the contractual maturity of our secured borrowings and class of collateral pledged:
| At September 30, 2023
| Remaining Contractual Maturity of the Agreements
(dollars in thousands) | Overnight and Continuous |  | Up to 30 Days |  | 30-90 Days |  | Greater Than 90 days |  | Total
Repurchase Agreements: |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities | $ | 279,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 279,061 |
Total | $ | 279,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 279,061 |
The fair value of securities pledged to secure repurchase agreements may decline. Old National has pledged securities valued at 107% of the gross outstanding balance of repurchase agreements at September 30, 2023 to manage this risk.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI 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