XML 56 R42.htm IDEA: XBRL DOCUMENT v3.25.1
Derivative Financial Instruments (Tables)
 3 Months Ended
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, 2025December 31, 2024
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		$1,900,000 $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 contractsInterest income/(expense)$8,976 Fixed-rate debtInterest income/(expense)$(8,933)
Interest rate contractsInterest income/(expense)(19,167)Fixed-rate
investment
securities		Interest income/(expense)19,146 
Total$(10,191)$10,213 
Three Months Ended
March 31, 2024
Interest rate contractsInterest income/(expense)$(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)
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) 2025202420252024
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)$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) 20252024
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 contractsMortgage banking revenue(381)737 
Foreign currency contractsOther 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, 2025December 31, 2024
Fair ValueFair 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 contracts116,287 — 468 88,808 807 — 
Customer interest rate swaps6,322,143 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 contracts14,703 384 272 10,265 28 121 
Counterparty foreign currency contracts15,968 122 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, 2025December 31, 2024
(dollars in thousands)AssetsLiabilitiesAssetsLiabilities
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 Sheet138,298 202,021 146,478 244,313 
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, 2025December 31, 2024
(dollars in thousands)AssetsLiabilitiesAssetsLiabilities
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 Sheet138,298 202,021 146,478 244,313 
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