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Federal Home Loan Bank Advances

9 Months Ended

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

X

- 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

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-Topic 942
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-Name Accounting Standards Codification
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