Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 137

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 137
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150,000 $150,000 Subordinated debentures (fixed rate 5.25%) maturing June 203030,000 30,000 Junior subordinated debentures (rates of 5.96% to 8.13%) maturing   July 2031 to September 2037136,643 136,643 Other basis adjustments11,759 13,049 Old National Bank:Finance lease liabilities23,440 24,822 Subordinated debentures (3-month Secured Overnight Financing   Rate (“SOFR”) plus 4.618%; variable rate 8.90%) maturing October 202512,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 2.82%)    maturing December 2046 to June 2060210,251 210,251 Other (1)68,181 112,853 Total other borrowings$642,274 $689,618 (1)Includes overnight borrowings to collateralize certain derivative positions totaling $68.1 million at March 31, 2025 and $112.8 million at December 31, 2024.

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Contractual maturities of other borrowings at March 31, 2025 were as follows:(dollars in thousands) Due in 2025$86,344 Due in 2026151,976 Due in 20272,087 Due in 20281,846 Due in 20291,059 Thereafter387,151 Unamortized debt issuance costs and other basis adjustments11,811 Total$642,274 Junior Subordinated DebenturesJunior subordinated debentures related to trust preferred securities are classified in “other borrowings” and qualify as Tier 2 capital for regulatory purposes, subject to certain limitations.Through various mergers and acquisitions, Old National assumed junior subordinated debenture obligations related to various trusts that issued trust preferred securities. Old National guarantees the payment of distributions on the trust preferred securities issued by the trusts. Proceeds from the issuance of each of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by the trusts.Old National, at any time, may redeem the junior subordinated debentures at par and, thereby cause a redemption of the trust preferred securities in whole