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Other Borrowings | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Other Borrowings | OTHER BORROWINGS The following table summarizes Old National’s other borrowings:
| December 31,
(dollars in thousands) | 2025 |  | 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 5.38% to 7.68%) maturing July 2031 to September 2037 | 198,499 |  |  | 136,643 |
Other basis adjustments | 7,891 |  |  | 13,049 |
Old National Bank: |  |  |
Finance lease liabilities | 25,798 |  |  | 24,822 |
Subordinated debentures matured in October 2025 | — |  |  | 12,000 |
Leveraged loans for NMTC (fixed rates of 1.00% to 7.25%) maturing December 2027 to December 2060 | 459,452 |  |  | 210,251 |
Other (1) | 10,789 |  |  | 112,853 |
Total other borrowings | $ | 852,429 |  |  | $ | 689,618 |
(1)Includes overnight borrowings to collateralize certain derivative positions totaling $10.8 million at December 31, 2025 and $112.8 million at December 31, 2024. Contractual maturities of other borrowings at December 31, 2025 were as follows:
(dollars in thousands) |
Due in 2026 | $ | 169,740 |
Due in 2027 | 19,839 |
Due in 2028 | 2,389 |
Due in 2029 | 1,059 |
Due in 2030 | 1,140 |
Thereafter | 650,371 |
Unamortized debt issuance costs and other basis adjustments | 7,891 |
Total | $ | 852,429 |
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 as of December 31, 2025:
(dollars in thousands) Name of Trust | Issuance Date |  | Issuance Amount |  | Rate | Rate at December 31, 2025 |  | Maturity Date
Bridgeview Statutory Trust I | July 2001 |  | $ | 15,464 |  |  | 3-month SOFR plus 3.58% | 7.68 | % |  | July 31, 2031
Bridgeview Capital Trust II | December 2002 |  | 15,464 |  |  | 3-month SOFR plus 3.35% | 7.52 | % |  | 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% | 5.72 | % |  | March 17, 2035
Northern States Statutory Trust I | September 2005 |  | 10,310 |  |  | 3-month SOFR plus 1.80% | 5.78 | % |  | September 15, 2035
Anchor Capital Trust III | August 2005 |  | 5,000 |  |  | 3-month SOFR plus 1.55% | 5.48 | % |  | September 30, 2035
Great Lakes Statutory Trust II | December 2005 |  | 6,186 |  |  | 3-month SOFR plus 1.40% | 5.38 | % |  | December 15, 2035
Bremer Statutory Trust II | June 2006 |  | 61,856 |  |  | 3-month SOFR plus 1.60% | 5.65 | % |  | June 1, 2036
Home Federal Statutory Trust I | September 2006 |  | 15,464 |  |  | 3-month SOFR plus 1.65% | 5.63 | % |  | September 15, 2036
Monroe Bancorp Capital Trust I | July 2006 |  | 3,093 |  |  | 3-month SOFR plus 1.60% | 5.77 | % |  | October 7, 2036
Tower Capital Trust 3 | December 2006 |  | 9,279 |  |  | 3-month SOFR plus 1.69% | 5.74 | % |  | March 1, 2037
Monroe Bancorp Statutory Trust II | March 2007 |  | 5,155 |  |  | 3-month SOFR plus 1.60% | 5.58 | % |  | June 15, 2037
Great Lakes Statutory Trust III | June 2007 |  | 8,248 |  |  | 3-month SOFR plus 1.70% | 5.68 | % |  | 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 $25.8 million at December 31, 2025. See Note 6 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities. Subsequent Event – Subordinated Notes Issued On January 29, 2026, Old National completed the issuance and sale of $450.0 million aggregate principal amount of its 5.768% fixed-to-floating rate subordinated notes due 2036 (the “Notes”). From the date of issuance to February 15, 2031, or earlier redemption date, the Notes will bear interest at an initial fixed rate of 5.768% per year, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026. From February 15, 2031 to the maturity date of February 15, 2036, or earlier redemption date, the Notes will bear interest at a floating rate per year equal to a benchmark rate (which is expected to be Three-Month Term SOFR) plus 220 basis points, payable quarterly in arrears on February 15, May 15, August 15, and November 15 of each year, commencing on May 15, 2031. The Company intends to use the net proceeds from this offering for general corporate purposes.

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