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Other Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2024
Other Liabilities Disclosure [Abstract] |
Summary of Other Borrowings | The following table summarizes Old National’s other borrowings:
(dollars in thousands) | September 30, 2024 |  | December 31, 2023
Old National Bancorp: |  |  |
Subordinated debentures (fixed rate 5.88%) maturing September 2026 | $ | 150,000 |  |  | $ | 150,000 |
Subordinated debentures (fixed rate 5.25%) maturing June 2030 | 30,000 |  |  | — |
Junior subordinated debentures (rates of 6.42% to 9.09%) maturing July 2031 to September 2037 | 136,643 |  |  | 136,643 |
Senior unsecured notes (fixed rate 4.13%) matured August 2024 | — |  |  | 175,000 |
Unamortized debt issuance costs related to senior unsecured notes | — |  |  | (91) |
Other basis adjustments | 14,338 |  |  | 18,207 |
Old National Bank: |  |  |
Finance lease liabilities | 33,598 |  |  | 20,955 |
Subordinated debentures (3-month SOFR plus 4.618%; variable rate 9.87%) 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 | 186,020 |  |  | 154,284 |
Other (1) | 35,455 |  |  | 97,872 |
Total other borrowings | $ | 598,054 |  |  | $ | 764,870 |
(1)Includes overnight borrowings to collateralize certain derivative positions totaling $35.4 million at September 30, 2024 and $97.6 million at December 31, 2023. The following table summarizes the terms of our outstanding junior subordinated debentures at September 30, 2024:
(dollars in thousands) |  |  |  |  |  | Rate at September 30, 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% | 9.09% |  | July 31, 2031
Bridgeview Capital Trust II | December 2002 |  | 15,464 |  |  | 3-month SOFR plus 3.35% | 8.91% |  | 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% | 6.95% |  | March 17, 2035
Northern States Statutory Trust I | September 2005 |  | 10,310 |  |  | 3-month SOFR plus 1.80% | 7.01% |  | September 15, 2035
Anchor Capital Trust III | August 2005 |  | 5,000 |  |  | 3-month SOFR plus 1.55% | 6.42% |  | September 30, 2035
Great Lakes Statutory Trust II | December 2005 |  | 6,186 |  |  | 3-month SOFR plus 1.40% | 6.61% |  | December 15, 2035
Home Federal Statutory Trust I | September 2006 |  | 15,464 |  |  | 3-month SOFR plus 1.65% | 6.86% |  | September 15, 2036
Monroe Bancorp Capital Trust I | July 2006 |  | 3,093 |  |  | 3-month SOFR plus 1.60% | 7.16% |  | October 7, 2036
Tower Capital Trust 3 | December 2006 |  | 9,279 |  |  | 3-month SOFR plus 1.69% | 6.97% |  | March 1, 2037
Monroe Bancorp Statutory Trust II | March 2007 |  | 5,155 |  |  | 3-month SOFR plus 1.60% | 6.81% |  | June 15, 2037
Great Lakes Statutory Trust III | June 2007 |  | 8,248 |  |  | 3-month SOFR plus 1.70% | 6.91% |  | 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) | September 30, 2024 |  | December 31, 2023
Unfunded loan commitments | $ | 8,822,027 |  |  | $ | 8,912,587 |
Standby letters of credit (1) | 197,379 |  |  | 192,237 |
(1)Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.7 million at September 30, 2024 and $1.3 million at December 31, 2023.
Summary of Contractual Maturities of Other Borrowings | Contractual maturities of other borrowings at September 30, 2024 were as follows:
(dollars in thousands) |
Due in 2024 | $ | 37,482 |
Due in 2025 | 20,165 |
Due in 2026 | 155,677 |
Due in 2027 | 4,207 |
Due in 2028 | 2,730 |
Thereafter | 363,359 |
Unamortized debt issuance costs and other basis adjustments | 14,434 |
Total | $ | 598,054 |

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