Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 227

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 227
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 (Loss)Recognized in Income onDerivativeInterest rate contracts (1)Other income/(expense)$52 $457 $883 Mortgage contractsMortgage banking revenue334 (401)(2,468)Foreign currency contractsOther income/(expense)(50)(45)98 Total $336 $11 $(1,487)(1)Includes the valuation differences between the customer and offsetting swaps.Fair Value of Offsetting DerivativesCertain derivative instruments are subject to master netting agreements with counterparties that provide rights of setoff. The Company records these transactions at their gross fair values and does not offset derivative assets and liabilities in the Consolidated Balance Sheet. The following table presents the fair value of the Company’s derivatives and offsetting positions:December 31,20242023(dollars in thousands)AssetsLiabilitiesAssetsLiabilitiesGross amounts recognized$146,478 $244,313 $166,302 $268,916 Less: amounts offset in the Consolidated Balance Sheet— — — — Net amount presented in the Consolidated Balance Sheet146,478 244,313 166,302 268,916 Gross amounts not offset in the Consolidated Balance SheetOffsetting derivative positions(24,098)(24,098)(39,360)(39,360)Cash collateral pledged— (112,499)— (97,840)Net credit exposure$122,380 $107,716 $126,942 $131,716 

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NOTE 20 – COMMITMENTS, CONTINGENCIES, AND FINANCIAL GUARANTEES

LitigationAt December 31, 2024, there were certain legal proceedings pending against the Company and its subsidiaries in the ordinary course of business. While the outcome of any legal proceeding is inherently uncertain, based on information currently available, the Company’s management does not expect that any potential liabilities arising from pending litigation will have a material adverse effect on the Company’s business, financial position, or results of operations.Credit-Related Financial InstrumentsOld National holds instruments, in the normal course of business with clients, that are considered financial guarantees and are recorded at fair value. Standby letters of credit guarantees are issued in connection with agreements made by clients to counterparties. Standby letters of credit are contingent upon failure of the client to perform the terms of the underlying contract. Credit risk associated with standby letters of credit is essentially the same as that associated with extending loans