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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
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, 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$1,900,000 $11,764 $47,859 $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)
300,000 — — 377,500 2,475 96 
Total$11,764 $47,859 $18,211 $16,912 
(1)Derivative assets are included in other assets on the balance sheet.
(2)Derivative liabilities are included in other liabilities on the balance sheet.
(3)The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules.
Schedule of Derivative Instruments Effect on Consolidated Statement of Income
The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows:
(dollars in thousands)Gain (Loss)
Recognized
in Income on
Related
Hedged
Items
Derivatives in
Fair Value Hedging
Relationships		Location of Gain or
(Loss) Recognized in
Income on Derivative		Gain (Loss)
Recognized
in Income on
Derivative		Hedged Items
in Fair Value
Hedging
Relationships		Location of Gain or
(Loss) Recognized in
in Income on Related
Hedged Item
Year Ended
December 31, 2022
Interest rate contractsInterest income/(expense)$(6,245)Fixed-rate debtInterest income/(expense)$6,585 
Interest rate contractsInterest income/(expense)157,741 Fixed-rate
investment
securities		Interest income/(expense)(158,431)
Total$151,496 $(151,846)
Year Ended
December 31, 2021
Interest rate contractsInterest income/(expense)$(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 $(8,250)
The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows:
  Years Ended December 31,Years Ended December 31,
 202220212020202220212020
Derivatives in
Cash Flow Hedging
Relationships		Location of Gain or
(Loss) Reclassified
from AOCI into Income		Gain (Loss)
Recognized in Other
Comprehensive
Income on Derivative		Gain (Loss)
Reclassified from
AOCI into
Income
Interest rate contractsInterest income/(expense)$(45,132)$1,898 $8,261 $(2,587)$4,605 $5,153 
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) 202220212020
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)$883 $279 $(551)
Mortgage contractsMortgage banking revenue(2,468)(4,446)5,692 
Foreign currency contractsOther income/(expense)98 (104)13 
Total $(1,487)$(4,271)$5,154 
(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, 2022December 31, 2021
Fair ValueFair Value
(dollars in thousands)Notional
Assets (1)
Liabilities (2)
Notional
Assets (1)
Liabilities (2)
Interest rate lock commitments$21,401 $93 $— $90,731 $2,352 $— 
Forward mortgage loan contracts30,330 32 — 126,107 242 — 
Customer interest rate swaps5,220,363 5,676 326,924 2,433,177 52,439 11,658 
Counterparty interest rate swaps (3)
5,220,363 151,111 5,711 2,433,177 583 12,956 
Customer foreign currency forward contracts8,341 253 42 10,292 399 — 
Counterparty foreign currency forward contracts8,297 72 168 10,205 — 346 
Total$157,237 $332,845 $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.