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Federal Home Loan Bank Advances | 9 Months Ended
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Sep. 30, 2024
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, 2024 |  | December 31, 2023
FHLB advances (fixed rates 2.19% to 5.23% and variable rates 4.71% to 5.24%) maturing October 2024 to March 2044 | $ | 4,475,528 |  |  | $ | 4,300,528 |
Fair value hedge basis adjustments and unamortized prepayment fees | (4,375) |  |  | (19,847) |
Total | $ | 4,471,153 |  |  | $ | 4,280,681 |
FHLB advances had weighted-average rates of 3.64% at September 30, 2024 and 3.45% at December 31, 2023. FHLB advances are collateralized by designated assets that may include qualifying commercial real estate loans, residential and multifamily mortgages, home equity loans, and certain investment securities. At September 30, 2024, total unamortized prepayment fees related to all FHLB advance debt modifications completed in prior years totaled $9.7 million, compared to $14.2 million at December 31, 2023. Contractual maturities of FHLB advances at September 30, 2024 were as follows:
(dollars in thousands) |
Due in 2024 | $ | 150,243 |
Due in 2025 | 550,285 |
Due in 2026 | 100,000 |
Due in 2028 | 650,000 |
Thereafter | 3,025,000 |
Fair value hedge basis adjustments and unamortized prepayment fees | (4,375) |
Total | $ | 4,471,153 |

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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 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)(3)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478878/942-470-45-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
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