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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023December 31, 2022
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$1,600,000 $10,472 $6,014 $1,900,000 $11,764 $47,859 
Interest rate swaps on borrowings (3)
150,000 — — 150,000 — — 
Fair value hedges:
Interest rate swaps on investment securities (3)
998,107 — — 909,957 — — 
Interest rate swaps on borrowings (3)
900,000 — — 300,000 — — 
Total$10,472 $6,014 $11,764 $47,859 
(1)Derivative assets are included in other assets on the balance sheet.
(2)Derivative liabilities are included in other liabilities on the balance sheet.
(3)The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally cleared variation margin rules.
Schedule of Derivative Instruments Effect on Consolidated Statement of Income
The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows:
(dollars in thousands)Gain (Loss)
Recognized
in Income on
Related
Hedged
Items
Derivatives in
Fair Value Hedging
Relationships		Location of Gain or
(Loss) Recognized in
Income on Derivative		Gain (Loss)
Recognized
in Income on
Derivative		Hedged Items
in Fair Value
Hedging
Relationships		Location of Gain or
(Loss) Recognized in
in Income on Related
Hedged Item
Year Ended
December 31, 2023
Interest rate contractsInterest income/(expense)$(1,769)Fixed-rate debtInterest income/(expense)$1,684 
Interest rate contractsInterest income/(expense)(52,625)Fixed-rate
investment
securities		Interest income/(expense)52,148 
Total$(54,394)$53,832 
Year Ended
December 31, 2022
Interest rate contractsInterest income/(expense)$(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 
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,
 202320222021202320222021
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)$28,029 $(45,132)$1,898 $11,621 $(2,587)$4,605 
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) 202320222021
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)$457 $883 $279 
Mortgage contractsMortgage banking revenue(401)(2,468)(4,446)
Foreign currency contractsOther income/(expense)(45)98 (104)
Total $11 $(1,487)$(4,271)
(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:
December 31, 2023December 31, 2022
Fair ValueFair Value
(dollars in thousands)Notional
Assets (1)
Liabilities (2)
Notional
Assets (1)
Liabilities (2)
Interest rate lock commitments$25,151 $291 $— $21,401 $93 $— 
Forward mortgage loan contracts39,529 — 566 30,330 32 — 
Customer interest rate swaps5,954,216 33,182 228,750 5,220,363 5,676 326,924 
Counterparty interest rate swaps (3)
5,954,216 121,969 33,346 5,220,363 151,111 5,711 
Customer foreign currency forward contracts12,455 320 59 8,341 253 42 
Counterparty foreign currency forward contracts12,308 68 181 8,297 72 168 
Total$155,830 $262,902 $157,237 $332,845 
(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:
December 31,
20232022
(dollars in thousands)AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$166,302 $268,916 $169,001 $380,704 
Less: amounts offset in the Consolidated Balance Sheet— — — — 
Net amount presented in the Consolidated Balance Sheet166,302 268,916 169,001 380,704 
Gross amounts not offset in the Consolidated Balance Sheet
Offsetting derivative positions(39,360)(39,360)(54,054)(54,054)
Cash collateral pledged— (97,840)(418)(88,860)
Net credit exposure$126,942 $131,716 $114,529 $237,790 
Schedule of Offsetting Liabilities The following table presents the fair value of the Company’s derivatives and offsetting positions:
December 31,
20232022
(dollars in thousands)AssetsLiabilitiesAssetsLiabilities
Gross amounts recognized$166,302 $268,916 $169,001 $380,704 
Less: amounts offset in the Consolidated Balance Sheet— — — — 
Net amount presented in the Consolidated Balance Sheet166,302 268,916 169,001 380,704 
Gross amounts not offset in the Consolidated Balance Sheet
Offsetting derivative positions(39,360)(39,360)(54,054)(54,054)
Cash collateral pledged— (97,840)(418)(88,860)
Net credit exposure$126,942 $131,716 $114,529 $237,790