Company: ONBPP
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0000707179-25-000064
Chunk: 63

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 63
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Other income/(expense)(21)(27)Total $(839)$(2)  Nine Months EndedSeptember 30, 20252024Derivatives Not Designated asHedging InstrumentsLocation of Gain or (Loss)Recognized in Income onDerivativeGain (Loss)Recognized in Income onDerivativeInterest rate contracts (1)Other income/(expense)$(679)$319 Mortgage contractsMortgage banking revenue(495)158 Foreign currency contractsOther income/(expense)(33)(108)Total $(1,207)$369 (1)Includes the valuation differences between the customer and offsetting swaps.

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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:September 30, 2025December 31, 2024(dollars in thousands)AssetsLiabilitiesAssetsLiabilitiesGross amounts recognized$181,799 $277,499 $146,478 $244,313 Less: amounts offset in the Consolidated Balance Sheet— — — — Net amount presented in the Consolidated Balance Sheet181,799 277,499 146,478 244,313 Gross amounts not offset in the Consolidated Balance SheetOffsetting derivative positions(86,013)(86,013)(24,098)(24,098)Cash collateral pledged(338)(23,349)— (112,499)Net credit exposure$95,448 $168,137 $122,380 $107,716 

NOTE 16 – COMMITMENTS, CONTINGENCIES, AND FINANCIAL GUARANTEES

LitigationAt September 30, 2025, 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