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Securities Sold Under Agreements to Repurchase | 12 Months Ended
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Dec. 31, 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 for each of the years ended December 31:
(dollars in thousands) | 2023 |  | 2022
Outstanding at year-end | $ | 285,206 |  |  | $ | 432,804 |
Average amount outstanding | 332,853 |  |  | 440,619 |
Maximum amount outstanding at any month-end | 430,537 |  |  | 509,275 |
Weighted-average interest rate: |  |  |
During year | 0.99 | % |  | 0.19 | %
End of year | 3.64 |  |  | 1.31 |
The following table presents the contractual maturity of our secured borrowings and class of collateral pledged:
| At December 31, 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 | $ | 285,206 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 285,206 |
Total | $ | 285,206 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 285,206 |
The fair value of securities pledged to secure repurchase agreements may decline. Old National has pledged securities valued at 115% of the gross outstanding balance of repurchase agreements at December 31, 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 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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