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Other Borrowings | 9 Months Ended
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Sep. 30, 2023
Other Liabilities Disclosure [Abstract] |
Other Borrowings | OTHER BORROWINGS The following table summarizes Old National’s other borrowings:
(dollars in thousands) | September 30, 2023 |  | December 31, 2022
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 | (130) |  |  | (247) |
Subordinated debentures (fixed rate 5.875%) maturing September 2026 | 150,000 |  |  | 150,000 |
Junior subordinated debentures (rates of 6.95% to 9.21%) maturing July 2031 to September 2037 | 136,643 |  |  | 136,643 |
Other basis adjustments | 19,496 |  |  | 23,363 |
Old National Bank: |  |  |
Finance lease liabilities | 21,595 |  |  | 13,469 |
Subordinated debentures (variable rate 9.99%) maturing October 2025 | 12,000 |  |  | 12,000 |
Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 | 143,745 |  |  | 143,187 |
Other (1) | 205,106 |  |  | 89,588 |
Total other borrowings | $ | 863,455 |  |  | $ | 743,003 |
(1)Includes overnight borrowings to collateralize certain derivative positions totaling $204.5 million at September 30, 2023 and $88.0 million at December 31, 2022. Contractual maturities of other borrowings at September 30, 2023 were as follows:
(dollars in thousands) |
Due in 2023 | $ | 205,160 |
Due in 2024 | 177,653 |
Due in 2025 | 14,740 |
Due in 2026 | 151,576 |
Due in 2027 | 1,636 |
Thereafter | 292,738 |
Unamortized debt issuance costs and other basis adjustments | 19,952 |
Total | $ | 863,455 |
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 mergers and 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 at September 30, 2023:
(dollars in thousands) |  |  |  |  |  | Rate at September 30, 2023 |  |
Name of Trust | Issuance Date |  | Issuance Amount |  | Rate |  | Maturity Date
Bridgeview Statutory Trust I | July 2001 |  | $ | 15,464 |  |  | 3-month SOFR plus 3.58% | 9.21% |  | July 31, 2031
Bridgeview Capital Trust II | December 2002 |  | 15,464 |  |  | 3-month SOFR plus 3.35% | 8.92% |  | January 7, 2033
First Midwest Capital Trust I | November 2003 |  | 37,825 |  |  | 6.95% fixed | 6.95% |  | December 1, 2033
St. Joseph Capital Trust II | March 2005 |  | 5,155 |  |  | 3-month SOFR plus 1.75% | 7.42% |  | March 17, 2035
Northern States Statutory Trust I | September 2005 |  | 10,310 |  |  | 3-month SOFR plus 1.80% | 7.47% |  | September 15, 2035
Anchor Capital Trust III | August 2005 |  | 5,000 |  |  | 3-month SOFR plus 1.55% | 7.21% |  | September 30, 2035
Great Lakes Statutory Trust II | December 2005 |  | 6,186 |  |  | 3-month SOFR plus 1.40% | 7.07% |  | December 15, 2035
Home Federal Statutory Trust I | September 2006 |  | 15,464 |  |  | 3-month SOFR plus 1.65% | 7.32% |  | September 15, 2036
Monroe Bancorp Capital Trust I | July 2006 |  | 3,093 |  |  | 3-month SOFR plus 1.60% | 7.17% |  | October 7, 2036
Tower Capital Trust 3 | December 2006 |  | 9,279 |  |  | 3-month SOFR plus 1.69% | 7.36% |  | March 1, 2037
Monroe Bancorp Statutory Trust II | March 2007 |  | 5,155 |  |  | 3-month SOFR plus 1.60% | 7.27% |  | June 15, 2037
Great Lakes Statutory Trust III | June 2007 |  | 8,248 |  |  | 3-month SOFR plus 1.70% | 7.37% |  | September 15, 2037
Total |  |  | $ | 136,643 |  |  |  |  |  |
Subordinated Debentures Old National assumed $12.0 million of subordinated fixed-to-floating notes related to the acquisition of Anchor Bancorp, Inc. (MN). The debentures currently have a floating rate of interest equal to the three-month term SOFR rate plus 4.618%. Old National assumed $150.0 million of subordinated fixed rate notes related to the First Midwest merger. The subordinated debentures have a 5.875% fixed rate of interest through the September 29, 2026 maturity date. Leveraged Loans The leveraged loans are directly related to the NMTC structure. As part of the transaction structure, Old National has the right to sell its interest in the entity that received the leveraged loans at an agreed upon price to the leveraged lender at the end of the NMTC seven-year compliance period. See Note 9 to the consolidated financial statements for additional information on the Company’s NMTC investments. Finance Lease Liabilities Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $21.6 million at September 30, 2023. See Note 7 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities.

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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