Other Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Other Borrowings

The following table summarizes Old National’s other borrowings:

	December 31,
(dollars in thousands)	2023		2022
Old National Bancorp:
Senior unsecured notes (fixed rate 4.125%) maturing August 2024	$	175,000	$	175,000
Unamortized debt issuance costs related to senior unsecured notes	(91)		(247)
Subordinated debentures (fixed rate 5.875%) maturing September 2026	150,000		150,000
Junior subordinated debentures (rates of 6.95% to 9.22%) maturing    July 2031 to September 2037	136,643		136,643
Other basis adjustments	18,207		23,363
Old National Bank:
Finance lease liabilities	20,955		13,469
Subordinated debentures (3-month SOFR plus 4.618%; variable rate 10.01%)    maturing October 2025	12,000		12,000
Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%)    maturing December 2046 to June 2060	154,284		143,187
Other (1)	97,872		89,588
Total other borrowings	$	764,870	$	743,003

(1)Includes overnight borrowings to collateralize certain derivative positions totaling $97.6 million at December 31, 2023 and $88.0 million at December 31, 2022.

The following table summarizes the terms of our outstanding junior subordinated debentures as of December 31, 2023:

(dollars in thousands) Name of Trust	Issuance Date	Issuance Amount		Rate	Rate at December 31, 2023		Maturity Date
Bridgeview Statutory Trust I	July 2001	$	15,464	3-month SOFR plus 3.58%	9.22	%	July 31, 2031
Bridgeview Capital Trust II	December 2002	15,464		3-month SOFR plus 3.35%	9.01	%	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%	7.39	%	March 17, 2035
Northern States Statutory Trust I	September 2005	10,310		3-month SOFR plus 1.80%	7.45	%	September 15, 2035
Anchor Capital Trust III	August 2005	5,000		3-month SOFR plus 1.55%	7.14	%	September 30, 2035
Great Lakes Statutory Trust II	December 2005	6,186		3-month SOFR plus 1.40%	7.05	%	December 15, 2035
Home Federal Statutory    Trust I	September 2006	15,464		3-month SOFR plus 1.65%	7.30	%	September 15, 2036
Monroe Bancorp Capital    Trust I	July 2006	3,093		3-month SOFR plus 1.60%	7.26	%	October 7, 2036
Tower Capital Trust 3	December 2006	9,279		3-month SOFR plus 1.69%	7.33	%	March 1, 2037
Monroe Bancorp Statutory    Trust II	March 2007	5,155		3-month SOFR plus 1.60%	7.25	%	June 15, 2037
Great Lakes Statutory Trust III	June 2007	8,248		3-month SOFR plus 1.70%	7.35	%	September 15, 2037
Total		$	136,643

The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit:

	December 31,
(dollars in thousands)	2023		2022
Unfunded loan commitments	$	8,912,587	$	8,979,334
Standby letters of credit (1)	192,237		174,070

(1)Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.3 million at December 31, 2023 and $0.8 million at December 31, 2022.

Summary of Contractual Maturities of Other Borrowings

Contractual maturities of other borrowings at December 31, 2023 were as follows:

(dollars in thousands)
Due in 2024	$	275,263
Due in 2025	14,740
Due in 2026	151,576
Due in 2027	1,636
Due in 2028	1,594
Thereafter	301,683
Unamortized debt issuance costs and other basis adjustments	18,378
Total	$	764,870