Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2018

Transfers and Servicing [Abstract]

Securities Sold Under Agreements to Repurchase

NOTE 14 – 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 three months ended March 31:

(dollars in thousands)	2018			2017
Outstanding at March 31,	$	308,189		$	345,550
Average amount outstanding		342,682			331,400
Maximum amount outstanding at any month-end		336,319			345,550
Weighted average interest rate:
During the three months ended March 31,		0.42	%		0.31	%
At March 31,		0.48			0.35

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

	At March 31, 2018
	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	$	308,189	$	—	$	—	$	—	$	308,189
Total	$	308,189	$	—	$	—	$	—	$	308,189

The fair value of securities pledged to secure repurchase agreements may decline. Old National has pledged securities valued at 130% of the gross outstanding balance of repurchase agreements at March 31, 2018 to manage this risk.