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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | December 31, 2024
|  |  | Fair Value |  |  |  | Fair 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 | $ | 1,900,000 |  |  | $ | 9,883 |  |  | $ | 5,386 |  |  | $ | 1,900,000 |  |  | $ | 3,490 |  |  | $ | 11,196 |
Interest rate swaps on borrowings (3) | 150,000 |  |  | — |  |  | — |  |  | 150,000 |  |  | — |  |  | — |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps on investment securities (3) | 927,407 |  |  | — |  |  | — |  |  | 927,407 |  |  | — |  |  | — |
Interest rate swaps on borrowings (3) | 1,100,000 |  |  | 3,507 |  |  | — |  |  | 1,100,000 |  |  | 665 |  |  | — |
Total |  |  | $ | 13,390 |  |  | $ | 5,386 |  |  |  |  | $ | 4,155 |  |  | $ | 11,196 |
(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, 2025 |  |  |  |  |  |
Interest rate contracts | Interest income/(expense) | $ | 8,976 |  | Fixed-rate debt |  | Interest income/(expense) | $ | (8,933) |
Interest rate contracts | Interest income/(expense) | (19,167) |  | Fixed-rate investment securities |  | Interest income/(expense) | 19,146 |
Total |  | $ | (10,191) |  |  |  |  | $ | 10,213 |
Three Months Ended March 31, 2024 |  |  |  |  |  |
Interest rate contracts | Interest income/(expense) | $ | (13,970) |  | Fixed-rate debt |  | Interest income/(expense) | $ | 14,127 |
Interest rate contracts | Interest income/(expense) | 25,848 |  | Fixed-rate investment securities |  | Interest income/(expense) | (25,903) |
Total |  | $ | 11,878 |  |  |  |  | $ | (11,776) |
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) |  | 2025 |  | 2024 | 2025 |  | 2024
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 contracts | Interest income/(expense) | $ | 11,386 |  |  | $ | (19,159) |  | $ | (2,294) |  |  | $ | (5,910) |
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) |  | 2025 |  | 2024
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) | $ | 23 |  |  | $ | 568 |
Mortgage contracts | Mortgage banking revenue | (381) |  |  | 737 |
Foreign currency contracts | Other income/(expense) | 53 |  |  | (34) |
Total |  | $ | (305) |  |  | $ | 1,271 |
(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:
| March 31, 2025 |  | December 31, 2024
|  |  | Fair Value |  |  |  | Fair Value
(dollars in thousands) | Notional |  | Assets (1) |  | Liabilities (2) |  | Notional |  | Assets (1) |  | Liabilities (2)
Interest rate lock commitments | $ | 103,335 |  |  | $ | 727 |  |  | $ | — |  |  | $ | 57,380 |  |  | $ | — |  |  | $ | 166 |
Forward mortgage loan contracts | 116,287 |  |  | — |  |  | 468 |  |  | 88,808 |  |  | 807 |  |  | — |
Customer interest rate swaps | 6,322,143 |  |  | 34,103 |  |  | 161,529 |  |  | 6,255,123 |  |  | 12,827 |  |  | 219,926 |
Counterparty interest rate swaps (3) | 6,322,143 |  |  | 89,572 |  |  | 34,285 |  |  | 6,255,123 |  |  | 128,469 |  |  | 12,902 |
Customer foreign currency contracts | 14,703 |  |  | 384 |  |  | 272 |  |  | 10,265 |  |  | 28 |  |  | 121 |
Counterparty foreign currency contracts | 15,968 |  |  | 122 |  |  | 81 |  |  | 10,093 |  |  | 192 |  |  | 2 |
Total |  |  | $ | 124,908 |  |  | $ | 196,635 |  |  |  |  | $ | 142,323 |  |  | $ | 233,117 |
(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, 2025 |  | December 31, 2024
(dollars in thousands) | Assets |  | Liabilities |  | Assets |  | Liabilities
Gross amounts recognized | $ | 138,298 |  |  | $ | 202,021 |  |  | $ | 146,478 |  |  | $ | 244,313 |
Less: amounts offset in the Consolidated Balance Sheet | — |  |  | — |  |  | — |  |  | — |
Net amount presented in the Consolidated Balance Sheet | 138,298 |  |  | 202,021 |  |  | 146,478 |  |  | 244,313 |
Gross amounts not offset in the Consolidated Balance Sheet |  |  |  |  |  |  |
Offsetting derivative positions | (39,671) |  |  | (39,671) |  |  | (24,098) |  |  | (24,098) |
Cash collateral pledged | — |  |  | (68,359) |  |  | — |  |  | (112,499) |
Net credit exposure | $ | 98,627 |  |  | $ | 93,991 |  |  | $ | 122,380 |  |  | $ | 107,716 |
Schedule of Offsetting Liabilities | The following table presents the fair value of the Company’s derivatives and offsetting positions:
| March 31, 2025 |  | December 31, 2024
(dollars in thousands) | Assets |  | Liabilities |  | Assets |  | Liabilities
Gross amounts recognized | $ | 138,298 |  |  | $ | 202,021 |  |  | $ | 146,478 |  |  | $ | 244,313 |
Less: amounts offset in the Consolidated Balance Sheet | — |  |  | — |  |  | — |  |  | — |
Net amount presented in the Consolidated Balance Sheet | 138,298 |  |  | 202,021 |  |  | 146,478 |  |  | 244,313 |
Gross amounts not offset in the Consolidated Balance Sheet |  |  |  |  |  |  |
Offsetting derivative positions | (39,671) |  |  | (39,671) |  |  | (24,098) |  |  | (24,098) |
Cash collateral pledged | — |  |  | (68,359) |  |  | — |  |  | (112,499) |
Net credit exposure | $ | 98,627 |  |  | $ | 93,991 |  |  | $ | 122,380 |  |  | $ | 107,716 |

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