Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 228

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 228
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 to clients and is subject to normal credit policies. The term of these standby letters of credit is typically one year or less. These commitments are not recorded in the consolidated financial statements.The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit:December 31,(dollars in thousands)20242023Unfunded loan commitments (1)$8,533,433 $8,912,587 Standby letters of credit (2)194,323 192,237 (1)Excludes cancellable loan commitments of $2.5 billion at December 31, 2024 and $2.3 billion at December 31, 2023.(2)Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.7 million at December 31, 2024 and $1.3 million at December 31, 2023.At December 31, 2024, approximately 4% of the unfunded loan commitments had fixed rates, with the remainder having floating rates ranging from 0.00% to 21.49%. The allowance for unfunded loan commitments totaled $21.7 million at December 31, 2024 and $31.2 million at December 31, 2023.Old National is a party in risk participation transactions of interest rate swaps, which had total notional amounts of $730.5 million at December 31, 2024 and $557.8 million at December 31, 2023.Visa Class B Restricted SharesIn 2008, Old National received Visa Class B restricted shares as part of Visa’s initial public offering. During the fourth quarter of 2023, Old National sold the 65,466 Class B shares and recognized a $21.6 million pre-tax gain. Prior to the sale, the shares were carried at a zero cost basis due to uncertainty surrounding the ability of the Company to transfer or otherwise liquidate the shares. After the sale, the Company did not hold any remaining Visa Class B restricted shares.

NOTE 21 – REGULATORY RESTRICTIONS

Restrictions on Cash and Due from BanksOld National did not have cash and due from banks which was held as collateral for collateralized swap positions at December 31, 2024, compared to $0.3 million at December 31, 2023.Restrictions on Transfers from Bank SubsidiaryRegulations limit the amount of dividends a