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Federal Home Loan Bank Advances

9 Months Ended

Sep. 30, 2023

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, 2023						December 31, 2022
FHLB advances (fixed rates 0.00% to 5.61%    and variable rates 5.35% to 5.36%) maturing    December 2023 to September 2042			$	4,450,528					$	3,850,677
Fair value hedge basis adjustments and unamortized    prepayment fees			(37,952)						(21,659)
Total			$	4,412,576					$	3,829,018

FHLB advances had weighted-average rates of 3.36% at September 30, 2023 and 3.15% at December 31, 2022. Certain FHLB advances are collateralized with loans and investment securities up to 190%.

At September 30, 2023, total unamortized prepayment fees related to debt modifications completed in prior years totaled $15.7 million, compared to $20.2 million at December 31, 2022.

Contractual maturities of FHLB advances at September 30, 2023 were as follows:

(dollars in thousands)
Due in 2023			$	100,000
Due in 2024			25,243
Due in 2025			550,285
Due in 2026			100,000
Thereafter			3,675,000
Fair value hedge basis adjustments and unamortized prepayment fees			(37,952)
Total			$	4,412,576

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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
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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