Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 205

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 205
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 2024— 175,000 Unamortized debt issuance costs related to senior unsecured notes— (91)Other basis adjustments13,049 18,207 Old National Bank:Finance lease liabilities24,822 20,955 Subordinated debentures (3-month Secured Overnight Financing Rate (“SOFR”)    plus 4.62%; variable rate 9.21%) maturing October 202512,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 2.82%)    maturing December 2046 to June 2060210,251 154,284 Other (1)112,853 97,872 Total other borrowings$689,618 $764,870 (1)Includes overnight borrowings to collateralize certain derivative positions totaling $112.8 million at December 31, 2024 and $97.6 million at December 31, 2023.Contractual maturities of other borrowings at December 31, 2024 were as follows:(dollars in thousands) Due in 2025$133,224 Due in 2026151,978 Due in 20272,053 Due in 20281,810 Due in 20291,019 Thereafter386,411 Unamortized debt issuance costs and other basis adjustments13,123 Total$689,618 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 or in part.

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The following table summarizes the terms of our outstanding junior subordinated debentures as of December 31, 2024:(dollars in thousands)Name of TrustIssuance DateIssuanceAmountRateRate