Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2019

Transfers And Servicing [Abstract]

Securities Sold Under Agreements to Repurchase

NOTE 13 – 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 for each of the years ended December 31:

(dollars in thousands)	2019			2018
Outstanding at year-end	$	327,782		$	362,294
Average amount outstanding		342,654			344,964
Maximum amount outstanding at any month-end		367,884			364,001
Weighted-average interest rate:
During year		0.73	%		0.57	%
End of year		0.53			0.75

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

	At December 31, 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	$	327,782	$	—	$	—	$	—	$	327,782
Total	$	327,782	$	—	$	—	$	—	$	327,782

The fair value of securities pledged to secure repurchase agreements may decline.  Old National has pledged securities valued at 103% of the gross outstanding balance of repurchase agreements at December 31, 2019 to manage this risk.