Short-Term Borrowings

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Short-Term Borrowings

NOTE 13 – SHORT-TERM BORROWINGS

The following table presents the distribution of Old National’s short-term borrowings and related weighted-average interest rates as of June 30, 2016:

	Federal			Repurchase			Financial
	Funds			Agreements /			Exchange			Revolving
(dollars in thousands)	Purchased			Sweeps			Borrowings (1)			Loan			Total
2016
Outstanding at June 30, 2016	$	263,536		$	304,123		$	—		$	—		$	567,659
Average amount outstanding		141,664			332,441			5,083			8,242			487,430
Maximum amount outstanding at any month-end		263,536			346,695			25,000			50,000
Weighted average interest rate:
During the six months ended June 30, 2016		0.46	%		0.08	%		0.71	%		3.00	%		0.24	%
At June 30, 2016		0.42			0.07			—			—			0.23

(1) In 2015, the Company joined the American Financial Exchange, which is an overnight source of borrowings. No collateral was pledged on these funds.

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

	At June 30, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and		Up to				Greater Than
(dollars in thousands)	Continuous		30 Days		30-90 Days		90 days		Total
Repurchase Agreements:
U.S. Treasury and agency securities	$	304,123	$	—	$	—	$	—	$	304,123
Total	$	304,123	$	—	$	—	$	—	$	304,123

The fair value of securities pledged to secure repurchase agreements may decline. The Company has pledged securities valued at 111% of the gross outstanding balance of repurchase agreements at June 30, 2016 to manage this risk.

REVOLVING LOAN

In May 2016, the Company entered into a $75.0 million revolving line of credit agreement. The 364 day revolving loan has a variable rate of interest priced at the one-month LIBOR plus 200 basis points. As of June 30, 2016, no amount was outstanding on the loan.