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Securities Sold Under Agreements to Repurchase
9 Months Ended
Sep. 30, 2019
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 nine months ended September 30:

 

(dollars in thousands)

 

2019

 

 

2018

 

 

Outstanding at September 30,

 

$

337,551

 

 

$

319,831

 

 

Average amount outstanding

 

 

344,294

 

 

 

342,797

 

 

Maximum amount outstanding at any month-end

 

 

367,884

 

 

 

364,001

 

 

Weighted-average interest rate:

 

 

 

 

 

 

 

 

 

During the nine months ended September 30,

 

 

0.80

 

%

 

0.52

 

%

At September 30,

 

 

0.74

 

 

 

0.74

 

 

 

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

 

 

 

At September 30, 2019

 

 

 

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

 

$

337,551

 

 

$

 

 

$

 

 

$

 

 

$

337,551

 

Total

 

$

337,551

 

 

$

 

 

$

 

 

$

 

 

$

337,551

 

 

The fair value of securities pledged to secure repurchase agreements may decline.  Old National has pledged securities valued at 107% of the gross outstanding balance of repurchase agreements at September 30, 2019 to manage this risk.