Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2022

Securities Sold under Agreements to Repurchase [Abstract]

Securities Sold Under Agreements to Repurchase

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are secured borrowings.  Old National pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates:

	At or for the Nine Months Ended September 30, 2022			At December 31, 2021			At or for the Nine Months Ended September 30, 2021
(dollars in thousands)
Outstanding at period end	$	438,053		$	392,275		$	375,247
Average amount outstanding during the period	450,966			N/A			396,495
Maximum amount outstanding at any month-end during the period	509,275			N/A			405,278
Weighted-average interest rate:
During the period	0.09		%	N/A			0.10		%
At period end	0.40		%	0.10		%	0.10		%

The following table presents the contractual maturity of our secured borrowings and class of collateral pledged:

	At September 30, 2022
	Remaining Contractual Maturity of the Agreements
(dollars in thousands)	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 days		Total
Repurchase Agreements:
U.S. Treasury and agency securities	$	438,053	$	—	$	—	$	—	$	438,053
Total	$	438,053	$	—	$	—	$	—	$	438,053

The fair value of securities pledged to secure repurchase agreements may decline.  Old National has pledged securities valued at 110% of the gross outstanding balance of repurchase agreements at September 30, 2022 to manage this risk.