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v3.25.1

Other Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2025
Other Liabilities Disclosure [Abstract] |
Summary of Other Borrowings | The following table summarizes Old National’s other borrowings:
(dollars in thousands) | March 31, 2025 |  | December 31, 2024
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 |  |  | 30,000 |
Junior subordinated debentures (rates of 5.96% to 8.13%) maturing July 2031 to September 2037 | 136,643 |  |  | 136,643 |
Other basis adjustments | 11,759 |  |  | 13,049 |
Old National Bank: |  |  |
Finance lease liabilities | 23,440 |  |  | 24,822 |
Subordinated debentures (3-month Secured Overnight Financing Rate (“SOFR”) plus 4.618%; variable rate 8.90%) maturing October 2025 | 12,000 |  |  | 12,000 |
Leveraged loans for NMTC (fixed rates of 1.00% to 2.82%) maturing December 2046 to June 2060 | 210,251 |  |  | 210,251 |
Other (1) | 68,181 |  |  | 112,853 |
Total other borrowings | $ | 642,274 |  |  | $ | 689,618 |
(1)Includes overnight borrowings to collateralize certain derivative positions totaling $68.1 million at March 31, 2025 and $112.8 million at December 31, 2024. The following table summarizes the terms of our outstanding junior subordinated debentures at March 31, 2025:
(dollars in thousands) |  |  |  |  |  | Rate at March 31, 2025 |  |
Name of Trust | Issuance Date |  | Issuance Amount |  | Rate |  | Maturity Date
Bridgeview Statutory Trust I | July 2001 |  | $ | 15,464 |  |  | 3-month SOFR plus 3.58% | 8.13% |  | July 31, 2031
Bridgeview Capital Trust II | December 2002 |  | 15,464 |  |  | 3-month SOFR plus 3.35% | 7.91% |  | 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% | 6.31% |  | March 17, 2035
Northern States Statutory Trust I | September 2005 |  | 10,310 |  |  | 3-month SOFR plus 1.80% | 6.36% |  | September 15, 2035
Anchor Capital Trust III | August 2005 |  | 5,000 |  |  | 3-month SOFR plus 1.55% | 6.11% |  | September 30, 2035
Great Lakes Statutory Trust II | December 2005 |  | 6,186 |  |  | 3-month SOFR plus 1.40% | 5.96% |  | December 15, 2035
Home Federal Statutory Trust I | September 2006 |  | 15,464 |  |  | 3-month SOFR plus 1.65% | 6.21% |  | September 15, 2036
Monroe Bancorp Capital Trust I | July 2006 |  | 3,093 |  |  | 3-month SOFR plus 1.60% | 6.16% |  | October 7, 2036
Tower Capital Trust 3 | December 2006 |  | 9,279 |  |  | 3-month SOFR plus 1.69% | 6.27% |  | March 1, 2037
Monroe Bancorp Statutory Trust II | March 2007 |  | 5,155 |  |  | 3-month SOFR plus 1.60% | 6.16% |  | June 15, 2037
Great Lakes Statutory Trust III | June 2007 |  | 8,248 |  |  | 3-month SOFR plus 1.70% | 6.26% |  | 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, 2025 |  | December 31, 2024
Unfunded loan commitments (1) | $ | 8,740,965 |  |  | $ | 8,533,433 |
Standby letters of credit (2) | 184,165 |  |  | 194,323 |
(1)Excludes cancellable loan commitments of $2.5 billion at March 31, 2025 and $2.5 billion at December 31, 2024. (2)Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.8 million at March 31, 2025 and $1.7 million at December 31, 2024.
Summary of Contractual Maturities of Other Borrowings | Contractual maturities of other borrowings at March 31, 2025 were as follows:
(dollars in thousands) |
Due in 2025 | $ | 86,344 |
Due in 2026 | 151,976 |
Due in 2027 | 2,087 |
Due in 2028 | 1,846 |
Due in 2029 | 1,059 |
Thereafter | 387,151 |
Unamortized debt issuance costs and other basis adjustments | 11,811 |
Total | $ | 642,274 |

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