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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Derivatives
The following table summarizes Old National’s derivatives designated as hedges:
June 30, 2022December 31, 2021
Fair ValueFair Value
(dollars in thousands)Notional
Assets (1)
Liabilities (2)
Notional
Assets (1)
Liabilities (2)
Cash flow hedges
Interest rate collars and floors on loan pools$900,000 $5,493 $24,005 $600,000 $459 $2,173 
Interest rate swaps on borrowings (3)
150,000 — — 150,000 4,316 — 
Fair value hedges
Interest rate swaps on investment securities (3)
909,957 — — 909,957 10,961 14,643 
Interest rate swaps on borrowings (3)
352,500 66 — 377,500 2,475 96 
Total$5,559 $24,005 $18,211 $16,912 
(1)Derivative assets are included in other assets on the balance sheet.
(2)Derivative liabilities are included in other liabilities on the balance sheet.
(3)The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally-cleared variation margin rules.
Schedule of Derivative Instruments Effect on Consolidated Statement of Income
The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows:
(dollars in thousands)Gain (Loss)
Recognized
in Income on
Related
Hedged
Items
Derivatives in
Fair Value Hedging
Relationships		Location of Gain or
(Loss) Recognized in
Income on Derivative		Gain (Loss)
Recognized
in Income on
Derivative		Hedged Items
in Fair Value
Hedging
Relationships		Location of Gain or
(Loss) Recognized in
in Income on Related
Hedged Item
Three Months Ended
June 30, 2022
Interest rate contractsInterest income/(expense)$(2,524)Fixed-rate debtInterest income/(expense)$2,600 
Interest rate contractsInterest income/(expense)53,779 Fixed-rate
investment
securities		Interest income/(expense)(53,762)
Total$51,255 $(51,162)
Three Months Ended
June 30, 2021
Interest rate contractsInterest income/(expense)$(1,251)Fixed-rate debtInterest income/(expense)$1,251 
Interest rate contractsInterest income/(expense)(45,829)Fixed-rate
investment
securities		Interest income/(expense)45,481 
Total$(47,080)$46,732 
Six Months Ended
June 30, 2022
Interest rate contractsInterest income/(expense)$(7,357)Fixed-rate debtInterest income/(expense)$7,555 
Interest rate contractsInterest income/(expense)111,433 Fixed-rate
investment
securities		Interest income/(expense)(111,791)
Total$104,076 $(104,236)
Six Months Ended
June 30, 2021
Interest rate contractsInterest income/(expense)$(2,826)Fixed-rate debtInterest income/(expense)$2,829 
Interest rate contractsInterest income/(expense)9 Fixed-rate
investment
securities		Interest income/(expense)(64)
Total$(2,817)$2,765 
The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows:
Three Months Ended
June 30,		Three Months Ended
June 30,
(dollars in thousands) 2022202120222021
Derivatives in
Cash Flow Hedging
Relationships		Location of Gain or
(Loss) Reclassified
from AOCI into Income		Gain (Loss)
Recognized in Other
Comprehensive
Income on Derivative		Gain (Loss)
Reclassified from
AOCI into
Income
Interest rate contractsInterest income/(expense)$(3,418)$(1,272)$219 $1,756 
  Six Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
Derivatives in
Cash Flow Hedging
Relationships		Location of Gain or
(Loss) Reclassified
from AOCI into Income		Gain (Loss)
Recognized in Other
Comprehensive
Income on Derivative		Gain (Loss)
Reclassified from
AOCI into
Income
Interest rate contractsInterest income/(expense)$(12,924)$2,776 $888 $1,905 
The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows:
Three Months Ended
June 30,
(dollars in thousands) 20222021
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)$449 $(75)
Mortgage contractsMortgage banking revenue(1,503)(5,578)
Foreign currency contractsOther income/(expense)65 (85)
Total $(989)$(5,738)
  Six Months Ended
June 30,
 20222021
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)$950 $310 
Mortgage contractsMortgage banking revenue(1,374)(2,317)
Foreign currency contractsOther income/(expense)38 (49)
Total $(386)$(2,056)
(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:
June 30, 2022December 31, 2021
Fair ValueFair Value
(dollars in thousands)Notional
Assets (1)
Liabilities (2)
Notional
Assets (1)
Liabilities (2)
Interest rate lock commitments$94,678 $300 $— $90,731 $2,352 $— 
Forward mortgage loan contracts100,089 920 — 126,107 242 — 
Customer interest rate swaps4,931,862 8,821 194,038 2,433,177 52,439 11,658 
Counterparty interest rate swaps (3)
4,931,862 60,108 7,220 2,433,177 583 12,956 
Customer foreign currency forward contracts15,406 568 — 10,292 399 — 
Counterparty foreign currency forward contracts15,328 — 514 10,205 — 346 
Total$70,717 $201,772 $56,015 $24,960 
(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.