Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2017

Transfers and Servicing [Abstract]

Securities Sold Under Agreements to Repurchase

NOTE 12 – SECURITES 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 for each of the years ended December 31:

	At or For the Years Ended December 31,
(dollars in thousands)	2017			2016
Outstanding at year-end	$	384,810		$	367,052
Average amount outstanding		336,539			368,757
Maximum amount outstanding at any month-end		402,543			396,695
Weighted average interest rate:
During year		0.38	%		0.41	%
End of year		0.49			0.47

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

	At December 31, 2017
	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	$	359,810	$	25,000	$	—	$	—	$	384,810
Total	$	359,810	$	25,000	$	—	$	—	$	384,810

The fair value of securities pledged to secure repurchase agreements may decline. Old National has pledged securities valued at 114% of the gross outstanding balance of repurchase agreements at December 31, 2017 to manage this risk.