Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 226

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 226
---
 instruments and the offsetting counterparty derivative instruments were $6.3 billion at December 31, 2024 and $6.0 billion at December 31, 2023. These derivative contracts do not qualify for hedge 

129

accounting. These instruments include interest rate swaps and collars. Commonly, Old National will economically hedge significant exposures related to these derivative contracts entered into for the benefit of clients by entering into offsetting contracts with approved, reputable, independent counterparties with substantially matching terms.Old National enters into derivative financial instruments as part of its foreign currency risk management strategies. These derivative instruments consist of foreign currency forward contracts to accommodate the business needs of its clients. Old National does not designate these foreign currency forward contracts for hedge accounting treatment.The following table summarizes Old National’s derivatives not designated as hedges:December 31, 2024December 31, 2023Fair ValueFair Value(dollars in thousands)NotionalAssets (1)Liabilities (2)NotionalAssets (1)Liabilities (2)Interest rate lock commitments$57,380 $— $166 $25,151 $291 $— Forward mortgage loan contracts88,808 807 — 39,529 — 566 Customer interest rate swaps6,255,123 12,827 219,926 5,954,216 33,182 228,750 Counterparty interest rate swaps (3)6,255,123 128,469 12,902 5,954,216 121,969 33,346 Customer foreign currency contracts10,265 28 121 12,455 320 59 Counterparty foreign currency contracts10,093 192 2 12,308 68 181 Total$142,323 $233,117 $155,830 $262,902 (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. 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) 202420232022Derivatives Not Designated asHedging InstrumentsLocation of Gain or (Loss)Recognized in Income onDerivativeGain