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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Derivatives
The following table summarizes Old National’s derivatives designated as hedges:
December 31, 2021December 31, 2020
Fair ValueFair Value
(dollars in thousands)NotionalAssets (1)Liabilities (2)NotionalAssets (1)Liabilities (2)
Cash flow hedges:
Interest rate collars and floors on loan pools$600,000 $459 $2,173 $400,000 $6,636 $— 
Interest rate swaps on borrowings150,000 4,316 — 325,000 628 1,816 
Fair value hedges:
Interest rate swaps on investment securities909,957 10,961 14,643 347,516 1,145 172 
Interest rate swaps on borrowings377,500 2,475 96 379,000 8,793 — 
Total$18,211 $16,912 $17,202 $1,988 
(1)Derivative assets are included in other assets on the balance sheet.
(2)Derivative liabilities are included in other liabilities on the balance sheet.
Schedule of Derivative Instruments Effect on Consolidated Statement of Income
The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows:
(dollars in thousands)Gain (Loss)
Recognized
in Income on
Related
Hedged
Items
Derivatives in
Fair Value Hedging
Relationships		Location of Gain or
(Loss) Recognized in
Income on Derivative		Gain (Loss)
Recognized
in Income on
Derivative		Hedged Items
in Fair Value
Hedging
Relationships		Location of Gain or
(Loss) Recognized in
in Income on Related
Hedged Item
Year Ended
December 31, 2021
Interest rate contractsInterest income/(expense)$(6,413)Fixed-rate debtInterest income/(expense)$6,296 
Interest rate contractsInterest income/(expense)(4,656)Fixed-rate
investment
securities		Interest income/(expense)4,954 
Total$(11,069)$11,250 
Year Ended
December 31, 2020
Interest rate contractsInterest income/(expense)$7,238 Fixed-rate debtInterest income/(expense)$(7,283)
Interest rate contractsInterest income/(expense)973 Fixed-rate
investment
securities		Interest income/(expense)(967)
Total$8,211 $(8,250)
Year Ended
December 31, 2019
Interest rate contractsInterest income/(expense)$12,577 Fixed-rate debtInterest income/(expense)$(12,587)
The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows:
  Years Ended December 31,Years Ended December 31,
 202120202019202120202019
Derivatives in
Cash Flow Hedging
Relationships		Location of Gain or
(Loss) Reclassified
from AOCI into Income		Gain (Loss)
Recognized in Other
Comprehensive
Income on Derivative		Gain (Loss)
Reclassified from
AOCI into
Income
Interest rate contractsInterest income/(expense)$1,898 $8,261 $(543)$4,605 $5,153 $596 
The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows:
Years Ended December 31,
(dollars in thousands) 202120202019
Derivatives Not Designated as
Hedging Instruments		Location of Gain or (Loss)
Recognized in Income on
Derivative		Gain (Loss)
Recognized in Income on
Derivative
Interest rate contracts (1)Other income/(expense)$279 $(551)$(174)
Mortgage contractsMortgage banking revenue(4,446)5,692 789 
Foreign currency contractsOther income/(expense)(104)13 50 
Total $(4,271)$5,154 $665 
(1)Includes the valuation differences between the customer and offsetting swaps.
Summary of Derivatives Not Designated as Hedging Instruments
The following table summarizes Old National’s derivatives not designated as hedges:
December 31, 2021December 31, 2020
Fair ValueFair Value
(dollars in thousands)NotionalAssets (1)Liabilities (2)NotionalAssets (1)Liabilities (2)
Interest rate lock commitments$90,731 $2,352 $— $224,719 $9,375 $— 
Forward mortgage loan contracts126,107 242 — 261,027 — 2,335 
Customer interest rate swaps2,433,177 52,439 11,658 2,008,149 113,300 133 
Counterparty interest rate swaps (3)2,433,177 583 12,956 2,008,149 — 13,543 
Customer foreign currency forward contracts10,292 399 — 9,990 324 — 
Counterparty foreign currency forward contracts10,205 — 346 9,854 — 188 
Total$56,015 $24,960 $122,999 $16,199 
(1)Derivative assets are included in other assets on the balance sheet.
(2)Derivative liabilities are included in other liabilities on the balance sheet.
(3)The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally-cleared variation margin rules.  The net adjustment was $28.9 million as of December 31, 2021 and $100.4 million as of December 31, 2020.