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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Financial Instruments
The following table summarizes the fair value of derivative financial instruments utilized by Old National:
(dollars in thousands)Balance
Sheet
Location		Fair
Value		Balance
Sheet
Location		Fair
Value
December 31, 2020
Derivatives designated as hedging instruments
Interest rate contractsOther assets$17,202 Other liabilities$1,988 
Total derivatives designated as hedging instruments$17,202 $1,988 
Derivatives not designated as hedging instruments
Interest rate contracts (1)Other assets$113,300 Other liabilities$13,676 
Mortgage contractsOther assets9,375 Other liabilities2,335 
Foreign currency contractsOther assets324 Other liabilities188 
Total derivatives not designated as hedging instruments$122,999 $16,199 
Total$140,201 $18,187 
December 31, 2019
Derivatives designated as hedging instruments
Interest rate contractsOther assets$7,157 Other liabilities$1,046 
Total derivatives designated as hedging instruments$7,157 $1,046 
Derivatives not designated as hedging instruments
Interest rate contracts (1)Other assets$42,224 Other liabilities$10,883 
Mortgage contractsOther assets1,702 Other liabilities354 
Foreign currency contractsOther assets218 Other liabilities110 
Total derivatives not designated as hedging instruments$44,144 $11,347 
Total$51,301 $12,393 
(1)The fair values of counterparty interest rate swaps are zero due to the settlement of centrally-cleared variation margin rules.  The net adjustment was $100.4 million as of December 31, 2020 and $31.6 million as of December 31, 2019.
Summary of Interest Rate Swaps Designated as Fair Value Hedges
Summary information about the interest rate swaps designated as fair value hedges is as follows: 
December 31,
(dollars in thousands)20202019
Notional amounts$726,516 $130,500 
Weighted average pay rates0.63 %1.82 %
Weighted average receive rates1.23 %2.20 %
Weighted average maturity (in years)6.92.8
Fair value of swaps$9,766 $1,555 
Summary information about the interest rate swaps designated as cash flow hedges is as follows: 
December 31,
(dollars in thousands)20202019
Notional amounts$325,000 $25,000 
Weighted average pay rates0.74 %3.52 %
Weighted average receive rates0.39 %1.93 %
Weighted average maturity (in years)3.52.1
Unrealized gains (losses)$(1,188)$(954)
Summary information about the collars designated as cash flow hedges is as follows:
 December 31,
(dollars in thousands)20202019
Notional amounts$300,000 $300,000 
Weighted average cap rates3.21 %3.21 %
Weighted average floor rates2.21 %2.21 %
Weighted average rates0.15 %1.70 %
Weighted average maturity (in years)0.81.9
Unrealized gains (losses)$5,244 $3,691 
Summary information about the interest rate floor transactions designated as cash flow hedges is as follows:
(dollars in thousands)December 31,
2020
Notional amounts$100,000 
Weighted average floor strike rate0.75 %
Weighted average rates0.15 %
Weighted average maturity (in years)2.3
Unrealized gains (losses)$1,392 
Schedule Of Derivative Instruments Effect On Consolidated Statement Of Income
The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows:
(dollars in thousands)Gain (Loss)
Recognized
in Income on
Related
Hedged
Items
Derivatives in
Fair Value Hedging
Relationships		Location of Gain or
(Loss) Recognized in
income on
Derivative		Gain (Loss)
Recognized
in Income on
Derivative		Hedged Items
in Fair Value
Hedging
Relationships		Location of Gain or
(Loss) Recognized in
in Income on Related
Hedged Item
Year Ended
December 31, 2020
Interest rate contractsInterest income/(expense)$7,238 Fixed-rate debtInterest income/(expense)$(7,283)
Interest rate contractsInterest income/(expense)973 Fixed-rate
investment
securities		Interest income/(expense)(967)
Total$8,211 $(8,250)
Year Ended
December 31, 2019
Interest rate contractsInterest income/(expense)$12,577 Fixed-rate debtInterest income/(expense)$(12,587)
Year Ended
December 31, 2018
Interest rate contractsInterest income/(expense)$7,662 Fixed-rate debtInterest income/(expense)$(7,634)
The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows:
Years Ended December 31,Years Ended December 31,
(dollars in thousands)202020192018202020192018
Derivatives in
Cash Flow Hedging
Relationships		Location of Gain or
(Loss) Reclassified
from AOCI into Income		Gain (Loss)
Recognized in Other
Comprehensive
Income on Derivative		Gain (Loss)
Reclassified from
AOCI into
Income
Interest rate contractsInterest income/(expense)$8,261 $(543)$5,145 $5,153 $596 $(150)
The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows:
Years Ended December 31,
(dollars in thousands)202020192018
Derivatives Not Designated as
Hedging Instruments		Location of Gain or (Loss)
Recognized in Income on
Derivative		Gain (Loss)
Recognized in Income on
Derivative
Interest rate contracts (1)Other income/(expense)$(551)$(174)$(7)
Mortgage contractsMortgage banking revenue5,692 789 (189)
Foreign currency contractsOther income/(expense)13 50 42 
Total$5,154 $665 $(154)
(1)Includes the valuation differences between the customer and offsetting swaps.
Schedule of Floor Spread Transactions Designated as Cash Flow Hedges Summary information about the floor spread transactions designated as cash flow hedges at December 31, 2019 was as follows:
(dollars in thousands)December 31,
2019
Notional amounts$210,000 
Weighted average purchased floor strike rate2.00 %
Weighted average sold floor rate1.00 %
Weighted average rate1.70 %
Weighted average maturity (in years)2.1
Unrealized gains (losses)$1,820