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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Derivatives
The following table summarizes Old National’s derivatives designated as hedges:
March 31, 2024December 31, 2023
Fair ValueFair Value
(dollars in thousands)Notional
Assets (1)
Liabilities (2)
Notional
Assets (1)
Liabilities (2)
Cash flow hedges
Interest rate swaps, collars, and floors on loan
   pools		$1,800,000 $2,670 $15,063 $1,600,000 $10,472 $6,014 
Interest rate swaps on borrowings (3)
150,000 — — 150,000 — — 
Fair value hedges
Interest rate swaps on investment securities (3)
998,107 — — 998,107 — — 
Interest rate swaps on borrowings (3)
900,000 — — 900,000 — — 
Total$2,670 $15,063 $10,472 $6,014 
(1)Derivative assets are included in other assets on the balance sheet.
(2)Derivative liabilities are included in other liabilities on the balance sheet.
(3)The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules.
Schedule of Derivative Instruments Effect on Consolidated Statement of Income
The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows:
(dollars in thousands)Gain (Loss)
Recognized
in Income on
Related
Hedged
Items
Derivatives in
Fair Value Hedging
Relationships		Location of Gain or
(Loss) Recognized in
Income on Derivative		Gain (Loss)
Recognized
in Income on
Derivative		Hedged Items
in Fair Value
Hedging
Relationships		Location of Gain or
(Loss) Recognized in
in Income on Related
Hedged Item
Three Months Ended
March 31, 2024
Interest rate contractsInterest income/(expense)$(13,970)Fixed-rate debtInterest income/(expense)$14,127 
Interest rate contractsInterest income/(expense)25,848 Fixed-rate
investment
securities		Interest income/(expense)(25,903)
Total$11,878 $(11,776)
Three Months Ended
March 31, 2023
Interest rate contractsInterest income/(expense)$2,153 Fixed-rate debtInterest income/(expense)$(2,218)
Interest rate contractsInterest income/(expense)(63,115)Fixed-rate
investment
securities		Interest income/(expense)63,251 
Total$(60,962)$61,033 
The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows:
Three Months Ended
March 31,		Three Months Ended
March 31,
(dollars in thousands) 2024202320242023
Derivatives in
Cash Flow Hedging
Relationships		Location of Gain or
(Loss) Reclassified
from AOCI into Income		Gain (Loss)
Recognized in Other
Comprehensive
Income on Derivative		Gain (Loss)
Reclassified from
AOCI into
Income
Interest rate contractsInterest income/(expense)$(19,159)$6,603 $(5,910)$(7,637)
The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows:
Three Months Ended
March 31,
(dollars in thousands) 20242023
Interest rate contracts (1)
Other income/(expense)$568 $(138)
Mortgage contractsMortgage banking revenue737 107 
Foreign currency contractsOther income/(expense)(34)(1)
Total $1,271 $(32)
(1)Includes the valuation differences between the customer and offsetting swaps.
Summary of Derivatives Not Designated as Hedging Instruments hedges:
March 31, 2024December 31, 2023
Fair ValueFair Value
(dollars in thousands)Notional
Assets (1)
Liabilities (2)
Notional
Assets (1)
Liabilities (2)
Interest rate lock commitments$67,995 $317 $— $25,151 $291 $— 
Forward mortgage loan contracts77,584 144 — 39,529 — 566 
Customer interest rate swaps5,886,639 11,328 270,910 5,954,216 33,182 228,750 
Counterparty interest rate swaps (3)
5,886,639 152,855 11,380 5,954,216 121,969 33,346 
Customer foreign currency contracts10,317 57 43 12,455 320 59 
Counterparty foreign currency contracts10,484 108 7 12,308 68 181 
Total$164,809 $282,340 $155,830 $262,902 
(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 Offsetting Assets The following table presents the fair value of the Company’s derivatives and offsetting positions:
March 31, 2024December 31, 2023
(dollars in thousands)AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$167,479 $297,403 $166,302 $268,916 
Less: amounts offset in the Consolidated Balance Sheet— — — — 
Net amount presented in the Consolidated Balance Sheet167,479 297,403 166,302 268,916 
Gross amounts not offset in the Consolidated Balance Sheet
Offsetting derivative positions(26,443)(26,443)(39,360)(39,360)
Cash collateral pledged— (134,459)— (97,840)
Net credit exposure$141,036 $136,501 $126,942 $131,716 
Schedule of Offsetting Liabilities The following table presents the fair value of the Company’s derivatives and offsetting positions:
March 31, 2024December 31, 2023
(dollars in thousands)AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$167,479 $297,403 $166,302 $268,916 
Less: amounts offset in the Consolidated Balance Sheet— — — — 
Net amount presented in the Consolidated Balance Sheet167,479 297,403 166,302 268,916 
Gross amounts not offset in the Consolidated Balance Sheet
Offsetting derivative positions(26,443)(26,443)(39,360)(39,360)
Cash collateral pledged— (134,459)— (97,840)
Net credit exposure$141,036 $136,501 $126,942 $131,716