v3.26.1
OTHER BORROWINGS
 6 Months Ended
Jun. 30, 2026
Other Liabilities Disclosure [Abstract]  
OTHER BORROWINGS OTHER BORROWINGS
The following table summarizes Old National’s other borrowings:
(dollars in thousands)June 30,
2026		December 31,
2025
Old National Bancorp:  
Subordinated debentures (fixed rates of 5.77% to 5.88%) maturing
   September 2026 to February 2036
$600,000 $150,000 
Unamortized debt issuance costs related to subordinated debentures(4,318)— 
Junior subordinated debentures (rates of 5.33% to 7.51%) maturing
   July 2031 to September 2037
198,499 198,499 
Other basis adjustments5,312 7,891 
Old National Bank:
Finance lease liabilities20,290 25,798 
Leveraged loans for NMTC (fixed rates of 1.00% to 7.25%)
   maturing December 2027 to June 2061
495,395 459,452 
Other (1)
72,819 10,789 
Total other borrowings$1,387,997 $852,429 
(1)Includes overnight borrowings to collateralize certain derivative positions totaling $72.8 million at June 30, 2026 and $10.8 million at December 31, 2025.
Contractual maturities of other borrowings at June 30, 2026 were as follows:
(dollars in thousands) 
Due in 2026$226,262 
Due in 202719,839 
Due in 20282,389 
Due in 20291,059 
Due in 20301,140 
Thereafter1,136,314 
Unamortized debt issuance costs and other basis adjustments994 
Total$1,387,997 
Subordinated Notes
Subordinated debentures supporting general corporate purposes are classified in “other borrowings” and qualify as Tier 2 capital for regulatory purposes, subject to certain limitations.
On January 29, 2026, Old National completed the issuance and sale of $450.0 million aggregate principal amount of its 5.768% fixed-to-floating rate subordinated notes due 2036 (the “Notes”). From the date of issuance to February 15, 2031, or earlier redemption date, the Notes will bear interest at an initial fixed rate of 5.768% per year, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026. From February 15, 2031 to the maturity date of February 15, 2036, or earlier redemption date, the Notes will bear interest at a floating rate per year equal to a benchmark rate (which is expected to be Three-Month Term Secured Overnight Financing Rate (“SOFR”)) plus 220 basis points, payable quarterly in arrears on February 15, May 15, August 15, and November 15 of each year, commencing on May 15, 2031. The Company intends to use the net proceeds from this offering for general corporate purposes.
On February 15, 2022, Old National assumed $150.0 million of subordinated fixed rate notes related to the First Midwest Bancorp, Inc. merger. The subordinated debentures have a 5.875% fixed rate of interest through the September 29, 2026 maturity date.
Junior Subordinated Debentures
Junior 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.
The following table summarizes the terms of our outstanding junior subordinated debentures at June 30, 2026:
(dollars in thousands)   
Rate at
June 30,
2026
 
Name of TrustIssuance DateIssuance
Amount		RateMaturity Date
Bridgeview Statutory Trust IJuly 2001$15,464 
3-month SOFR plus 3.58%
7.51%July 31, 2031
Bridgeview Capital Trust IIDecember 200215,464 
3-month SOFR plus 3.35%
7.28%January 7, 2033
First Midwest Capital Trust INovember 200337,825 
6.95% fixed
6.95%December 1, 2033
St. Joseph Capital Trust IIMarch 20055,155 
3-month SOFR plus 1.75%
5.68%March 17, 2035
Northern States Statutory Trust ISeptember 200510,310 
3-month SOFR plus 1.80%
5.73%September 15, 2035
Anchor Capital Trust IIIAugust 20055,000 
3-month SOFR plus 1.55%
5.54%September 30, 2035
Great Lakes Statutory Trust IIDecember 20056,186 
3-month SOFR plus 1.40%
5.33%December 15, 2035
Bremer Statutory Trust IIJune 200661,856 
3-month SOFR plus 1.60%
5.52%June 1, 2036
Home Federal Statutory
   Trust I		September 200615,464 
3-month SOFR plus 1.65%
5.58%September 15, 2036
Monroe Bancorp Capital
   Trust I		July 20063,093 
3-month SOFR plus 1.60%
5.53%October 7, 2036
Tower Capital Trust 3December 20069,279 
3-month SOFR plus 1.69%
5.61%March 1, 2037
Monroe Bancorp Statutory
   Trust II		March 20075,155 
3-month SOFR plus 1.60%
5.53%June 15, 2037
Great Lakes Statutory Trust IIIJune 20078,248 
3-month SOFR plus 1.70%
5.63%September 15, 2037
Total$198,499 
Leveraged Loans
The leveraged loans are directly related to the NMTC structure. As part of the transaction structure, Old National has the right to sell its interest in the entity that received the leveraged loans at an agreed upon price to the leveraged lender at the end of the NMTC seven-year compliance period. See Note 9 to the consolidated financial statements for additional information on the Company’s NMTC investments.
Finance Lease Liabilities
Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $20.3 million at June 30, 2026. See Note 7 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities.