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Other Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities Disclosure [Abstract]

Summary of Other Borrowings

The following table summarizes Old National’s other borrowings:

(dollars in thousands)			March 31, 2024						December 31, 2023
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			(52)						(91)
Subordinated debentures (fixed rate 5.875%) maturing September 2026			150,000						150,000
Junior subordinated debentures (rates of 6.95% to 9.15%) maturing    July 2031 to September 2037			136,643						136,643
Other basis adjustments			16,916						18,207
Old National Bank:
Finance lease liabilities			20,108						20,955
Subordinated debentures (3-month SOFR plus 4.618%; variable rate 9.94%)    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			168,228						154,284
Other (1)			134,370						97,872
Total other borrowings			$	813,213					$	764,870

(1)Includes overnight borrowings to collateralize certain derivative positions totaling $134.2 million at March 31, 2024 and $97.6 million at December 31, 2023.

The following table summarizes the terms of our outstanding junior subordinated debentures at March 31, 2024:

(dollars in thousands)

Rate at March 31, 2024

Name of Trust

Issuance Date

Issuance Amount

Rate

Maturity Date

Bridgeview Statutory Trust I

July 2001

$

15,464

3-month SOFR plus 3.58%

9.15%

July 31, 2031

Bridgeview Capital Trust II

December 2002

15,464

3-month SOFR plus 3.35%

8.93%

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%

7.34%

March 17, 2035

Northern States Statutory Trust I

September 2005

10,310

3-month SOFR plus 1.80%

7.39%

September 15, 2035

Anchor Capital Trust III

August 2005

5,000

3-month SOFR plus 1.55%

7.11%

September 30, 2035

Great Lakes Statutory Trust II

December 2005

6,186

3-month SOFR plus 1.40%

6.99%

December 15, 2035

Home Federal Statutory    Trust I

September 2006

15,464

3-month SOFR plus 1.65%

7.24%

September 15, 2036

Monroe Bancorp Capital    Trust I

July 2006

3,093

3-month SOFR plus 1.60%

7.18%

October 7, 2036

Tower Capital Trust 3

December 2006

9,279

3-month SOFR plus 1.69%

7.29%

March 1, 2037

Monroe Bancorp Statutory    Trust II

March 2007

5,155

3-month SOFR plus 1.60%

7.19%

June 15, 2037

Great Lakes Statutory Trust III

June 2007

8,248

3-month SOFR plus 1.70%

7.29%

September 15, 2037

Total

$

136,643

The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit:

(dollars in thousands)			March 31, 2024						December 31, 2023
Unfunded loan commitments			$	8,716,398					$	8,912,587
Standby letters of credit (1)			172,444						192,237

(1)Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.4 million at March 31, 2024 and $1.3 million at December 31, 2023.

Summary of Contractual Maturities of Other Borrowings

Contractual maturities of other borrowings at March 31, 2024 were as follows:

(dollars in thousands)
Due in 2024			$	311,233
Due in 2025			14,747
Due in 2026			151,582
Due in 2027			1,641
Due in 2028			1,598
Thereafter			315,407
Unamortized debt issuance costs and other basis adjustments			17,005
Total			$	813,213

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