Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 224

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 224
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31, 2023. 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:December 31, 2024December 31, 2023Fair ValueFair Value(dollars in thousands)NotionalAssets (1)Liabilities (2)NotionalAssets (1)Liabilities (2)Cash flow hedges:Interest rate collars and floors on loan pools$1,900,000 $3,490 $11,196 $1,600,000 $10,472 $6,014 Interest rate swaps on borrowings (3)150,000 — — 150,000 — — Fair value hedges:Interest rate swaps on investment securities (3)927,407 — — 998,107 — — Interest rate swaps on borrowings (3)1,100,000 665 — 900,000 — — Total$4,155 $11,196 $10,472 $6,014 (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.

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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 ItemYear EndedDecember 31, 2024Interest rate contractsInterest income/(expense)$(10,124)Fixed-rate debtInterest income/(expense)$10,053 Interest rate contractsInterest income/(expense)31,371 Fixed-rateinvestmentsecuritiesInterest income/(expense)(31,018)Total$21,247 $(20,965)Year EndedDecember 31, 2023Interest rate contractsInterest income/(expense)$(1,769)Fixed-rate debtInterest income/(expense)$1,684 Interest rate contractsInterest income/(