XML 49 R34.htm IDEA: XBRL DOCUMENT
v3.21.1

Investment Securities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio | The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolio and the corresponding amounts of unrealized gains, unrealized losses, and basis adjustments recognized in accumulated other comprehensive income (loss):
(dollars in thousands) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Basis Adjustments (1) |  | Fair Value
March 31, 2021 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 236,427 |  |  | $ | 10,910 |  |  | $ | (8,337) |  |  | $ | (10,110) |  |  | $ | 228,890 |
U.S. government-sponsored entities and agencies | 1,412,926 |  |  | 39,527 |  |  | (42,518) |  |  | (36,402) |  |  | 1,373,533 |
Mortgage-backed securities - Agency | 3,338,842 |  |  | 66,916 |  |  | (20,419) |  |  | — |  |  | 3,385,339 |
States and political subdivisions | 1,405,386 |  |  | 66,711 |  |  | (4,293) |  |  | — |  |  | 1,467,804 |
Pooled trust preferred securities | 13,753 |  |  | — |  |  | (5,543) |  |  | — |  |  | 8,210 |
Other securities | 252,886 |  |  | 9,180 |  |  | (1,312) |  |  | — |  |  | 260,754 |
Total available-for-sale securities | $ | 6,660,220 |  |  | $ | 193,244 |  |  | $ | (82,422) |  |  | $ | (46,512) |  |  | $ | 6,724,530 |
December 31, 2020 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 9,909 |  |  | $ | 299 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,208 |
U.S. government-sponsored entities and agencies | 841,133 |  |  | 5,744 |  |  | (3,921) |  |  | (968) |  |  | 841,988 |
Mortgage-backed securities - Agency | 3,249,002 |  |  | 91,086 |  |  | (990) |  |  | — |  |  | 3,339,098 |
States and political subdivisions | 1,405,868 |  |  | 86,325 |  |  | (31) |  |  | — |  |  | 1,492,162 |
Pooled trust preferred securities | 13,763 |  |  | — |  |  | (5,850) |  |  | — |  |  | 7,913 |
Other securities | 265,079 |  |  | 14,260 |  |  | (593) |  |  | — |  |  | 278,746 |
Total available-for-sale securities | $ | 5,784,754 |  |  | $ | 197,714 |  |  | $ | (11,385) |  |  | $ | (968) |  |  | $ | 5,970,115 |
(1) Basis adjustments represent the cumulative fair value adjustments included in the carrying amounts of fixed-rate investment securities assets in fair value hedging arrangements.
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities | Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
| Three Months Ended March 31, |  |
(dollars in thousands) | 2021 |  | 2020 |  |  |  |
Proceeds from sales of available-for-sale debt securities | $ | 52,468 |  |  | $ | 236,410 |  |  |  |  |
Proceeds from calls of available-for-sale debt securities | 10,245 |  |  | 163,771 |  |  |  |  |
Total | $ | 62,713 |  |  | $ | 400,181 |  |  |  |  |
Realized gains on sales of available-for-sale debt securities | $ | 2,000 |  |  | $ | 5,595 |  |  |  |  |
Realized gains on calls of available-for-sale debt securities | 13 |  |  | 13 |  |  |  |  |
Realized losses on sales of available-for-sale debt securities | — |  |  | (409) |  |  |  |  |
Realized losses on calls of available-for-sale debt securities | (20) |  |  | (25) |  |  |  |  |
Debt securities gains (losses), net | $ | 1,993 |  |  | $ | 5,174 |  |  |  |  |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost.
| March 31, 2021
(dollars in thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
Maturity |  |
Available-for-Sale |  |  |  |  |
Within one year | $ | 126,291 |  |  | $ | 127,635 |  |  | 2.86 | %
One to five years | 2,208,550 |  |  | 2,271,071 |  |  | 2.43 |
Five to ten years | 2,015,116 |  |  | 2,005,310 |  |  | 1.77 |
Beyond ten years | 2,310,263 |  |  | 2,320,514 |  |  | 2.45 |
Total | $ | 6,660,220 |  |  | $ | 6,724,530 |  |  | 2.25 | %
Available-for-Sale Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position | The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
| Less than 12 months |  | 12 months or longer |  | Total
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 131,593 |  |  | $ | (8,337) |  |  | $ | — |  |  | $ | — |  |  | $ | 131,593 |  |  | $ | (8,337) |
U.S. government-sponsored entities and agencies | 1,086,560 |  |  | (42,518) |  |  | — |  |  | — |  |  | 1,086,560 |  |  | (42,518) |
Mortgage-backed securities - Agency | 1,203,839 |  |  | (20,331) |  |  | 3,918 |  |  | (88) |  |  | 1,207,757 |  |  | (20,419) |
States and political subdivisions | 186,505 |  |  | (4,293) |  |  | — |  |  | — |  |  | 186,505 |  |  | (4,293) |
Pooled trust preferred securities | — |  |  | — |  |  | 8,210 |  |  | (5,543) |  |  | 8,210 |  |  | (5,543) |
Other securities | 42,876 |  |  | (891) |  |  | 34,658 |  |  | (421) |  |  | 77,534 |  |  | (1,312) |
Total available-for-sale | $ | 2,651,373 |  |  | $ | (76,370) |  |  | $ | 46,786 |  |  | $ | (6,052) |  |  | $ | 2,698,159 |  |  | $ | (82,422) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 355,528 |  |  | $ | (3,921) |  |  | $ | — |  |  | $ | — |  |  | $ | 355,528 |  |  | $ | (3,921) |
Mortgage-backed securities - Agency | 275,833 |  |  | (895) |  |  | 3,572 |  |  | (95) |  |  | 279,405 |  |  | (990) |
States and political subdivisions | 3,497 |  |  | (31) |  |  | — |  |  | — |  |  | 3,497 |  |  | (31) |
Pooled trust preferred securities | — |  | — |  |  | 7,913 |  |  | (5,850) |  |  | 7,913 |  |  | (5,850) |
Other securities | 19,404 |  |  | (70) |  |  | 24,871 |  |  | (523) |  |  | 44,275 |  |  | (593) |
Total available-for-sale | $ | 654,262 |  |  | $ | (4,917) |  |  | $ | 36,356 |  |  | $ | (6,468) |  |  | $ | 690,618 |  |  | $ | (11,385) |
Trust Preferred Securities | The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. Both pooled trust preferred securities have experienced credit defaults. However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations.
(dollars in thousands) | Class | Lowest Credit Rating (1) | Amortized Cost |  | Fair Value |  | Unrealized Gain/ (Loss) | # of Issuers Currently Performing/ Remaining | Actual Deferrals and Defaults as a % of Original Collateral | Expected Defaults as a % of Remaining Performing Collateral | Excess Subordination as a % of Current Performing Collateral
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Pooled trust preferred securities: |  |  |  |  |  |  |  |  |  |  |
Pretsl XXVII LTD | B | BB | $ | 4,208 |  |  | $ | 2,415 |  |  | $ | (1,793) |  | 32/41 | 14.4% | 10.6% | 42.1%
Trapeza Ser 13A | A2A | A | 9,545 |  |  | 5,795 |  |  | (3,750) |  | 39/41 | 4.5% | 6.5% | 60.7%
|  |  | 13,753 |  |  | 8,210 |  |  | (5,543) |  |  |  |  |
Single Issuer trust preferred securities: |  |  |  |  |  |  |  |  |  |  |
JP Morgan Chase & Co |  | BBB- | 4,813 |  |  | 4,554 |  |  | (259) |  |  |  |  |
Total |  |  | $ | 18,566 |  |  | $ | 12,764 |  |  | $ | (5,802) |  |  |  |  |
(1)Lowest rating for the security provided by any nationally recognized credit rating agency.

X
- Definition Tabular disclosure of relevant characteristics of trust preferred securities. + References No definition available. + Details
Name: | onb_TrustPreferredSecuritiesTableTextBlock
Namespace Prefix: | onb_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration