Company: ONBPP
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000707179-25-000009
Chunk: 143

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 8
Chunk 143
---
 $927.4 million notional amount at both March 31, 2025 and December 31, 2024. The hedges were determined to be effective during all periods presented and we expect them to remain effective during the remaining terms.The following table summarizes Old National’s derivatives designated as hedges:March 31, 2025December 31, 2024Fair ValueFair Value(dollars in thousands)NotionalAssets (1)Liabilities (2)NotionalAssets (1)Liabilities (2)Cash flow hedgesInterest 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 hedgesInterest 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.

36

The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows:(dollars in thousands)Gain (Loss)Recognizedin Income onRelatedHedgedItemsDerivatives in Fair Value HedgingRelationshipsLocation of Gain or (Loss) Recognized in Income on DerivativeGain (Loss)Recognizedin Income onDerivativeHedged Items in Fair ValueHedgingRelationshipsLocation of Gain or (Loss) Recognized in in Income on Related Hedged ItemThree Months EndedMarch 31, 2025Interest rate contractsInterest income/(expense)$8,976 Fixed-rate debtInterest income/(expense)$(8,933)Interest rate contractsInterest income/(expense)(19,167)Fixed-rateinvestmentsecuritiesInterest income/(expense)19,146 Total$(10,191)$10,213 Three Months EndedMarch 31, 2024Interest rate