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Other Borrowings
 9 Months Ended
Sep. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Borrowings OTHER BORROWINGS
The following table summarizes Old National’s other borrowings:
(dollars in thousands)September 30,
2025		December 31,
2024
Old National Bancorp:  
Subordinated debentures (fixed rate 5.88%) maturing September 2026
$150,000 $150,000 
Subordinated debentures redeemed in September 2025
— 30,000 
Junior subordinated debentures (rates of 5.70% to 8.15%) maturing
   July 2031 to September 2037
198,499 136,643 
Other basis adjustments9,181 13,049 
Old National Bank:
Finance lease liabilities25,410 24,822 
Subordinated debentures (3-month Secured Overnight Financing
   Rate (“SOFR”) plus 4.618%; variable rate 8.93%) maturing October 2025
12,000 12,000 
Leveraged loans for NMTC (fixed rates of 1.00% to 7.25%)
   maturing December 2027 to June 2060
407,209 210,251 
Other (1)
23,126 112,853 
Total other borrowings$825,425 $689,618 
(1)Includes overnight borrowings to collateralize certain derivative positions totaling $23.1 million at September 30, 2025 and $112.8 million at December 31, 2024.
Contractual maturities of other borrowings at September 30, 2025 were as follows:
(dollars in thousands) 
Due in 2025$37,346 
Due in 2026157,934 
Due in 202718,783 
Due in 20281,846 
Due in 20291,059 
Thereafter599,269 
Unamortized debt issuance costs and other basis adjustments9,188 
Total$825,425 
Junior Subordinated Debentures
Junior subordinated debentures related to trust preferred securities are classified in “other borrowings” and qualify as Tier 2 capital for regulatory purposes, subject to certain limitations.
Through various mergers and acquisitions, Old National assumed junior subordinated debenture obligations related to various trusts that issued trust preferred securities. Old National guarantees the payment of distributions on the trust preferred securities issued by the trusts. Proceeds from the issuance of each of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by the trusts.
Old National, at any time, may redeem the junior subordinated debentures at par and, thereby cause a redemption of the trust preferred securities in whole or in part.
The following table summarizes the terms of our outstanding junior subordinated debentures at September 30, 2025:
(dollars in thousands)   
Rate at
September 30,
2025
 
Name of TrustIssuance DateIssuance
Amount		RateMaturity Date
Bridgeview Statutory Trust IJuly 2001$15,464 
3-month SOFR plus 3.58%
8.15%July 31, 2031
Bridgeview Capital Trust IIDecember 200215,464 
3-month SOFR plus 3.35%
7.93%January 7, 2033
First Midwest Capital Trust INovember 200337,825 
6.95% fixed
6.95%December 1, 2033
St. Joseph Capital Trust IIMarch 20055,155 
3-month SOFR plus 1.75%
6.03%March 17, 2035
Northern States Statutory Trust ISeptember 200510,310 
3-month SOFR plus 1.80%
6.10%September 15, 2035
Anchor Capital Trust IIIAugust 20055,000 
3-month SOFR plus 1.55%
5.81%September 30, 2035
Great Lakes Statutory Trust IIDecember 20056,186 
3-month SOFR plus 1.40%
5.70%December 15, 2035
Bremer Statutory Trust IIJune 200661,856 
3-month SOFR plus 1.60%
6.03%June 1, 2036
Home Federal Statutory
   Trust I		September 200615,464 
3-month SOFR plus 1.65%
5.95%September 15, 2036
Monroe Bancorp Capital
   Trust I		July 20063,093 
3-month SOFR plus 1.60%
6.18%October 7, 2036
Tower Capital Trust 3December 20069,279 
3-month SOFR plus 1.69%
6.12%March 1, 2037
Monroe Bancorp Statutory
   Trust II		March 20075,155 
3-month SOFR plus 1.60%
5.90%June 15, 2037
Great Lakes Statutory Trust IIIJune 20078,248 
3-month SOFR plus 1.70%
6.00%September 15, 2037
Total$198,499 
Leveraged Loans
The leveraged loans are directly related to the NMTC structure. As part of the transaction structure, Old National has the right to sell its interest in the entity that received the leveraged loans at an agreed upon price to the leveraged lender at the end of the NMTC seven-year compliance period. See Note 9 to the consolidated financial statements for additional information on the Company’s NMTC investments.
Finance Lease Liabilities
Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $25.4 million at September 30, 2025. See Note 7 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities.