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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-15817
 
Old National Bancorp
(Exact name of registrant as specified in its charter)
 
Indiana35-1539838
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 
One Main Street47708
Evansville,Indiana(Zip Code)
(Address of principal executive offices)
(800) 731-2265
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)
 Name of each exchange on which registered
Common stock, no par value ONB TheNASDAQStock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series AONBPPTheNASDAQStock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series CONBPOTheNASDAQStock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer   Accelerated filer 
Non-accelerated filer 
  Smaller reporting company 
Emerging growth company 
    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The registrant has one class of common stock (no par value) with 292,890,000 shares outstanding at October 31, 2022.



OLD NATIONAL BANCORP
FORM 10-Q
TABLE OF CONTENTS
  Page
PART I. 
Item 1. 
 
 
 
 
 
 
 Note 1.
 Note 2.
Note 3.
 Note 4.
 Note 5.
 Note 6.
 Note 7.
 Note 8.
 Note 9.
 Note 10.
 Note 11.
 Note 12.
 Note 13.
 Note 14.
 Note 15.
 Note 16.
 Note 17.
 Note 18.
 Note 19.
 Note 20.
Item 2.
 
 
 
 
 
 
 
 
Item 3.
Item 4.
PART II.
Item 1A.
Item 2.
Item 5.
Item 6.
2


GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this report, references to “Old National,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of Old National Bancorp and its wholly-owned affiliates. Old National Bancorp refers solely to the parent holding company, and Old National Bank refers to Old National Bancorp’s bank subsidiary.
The acronyms and abbreviations identified below are used in the Notes to Consolidated Financial Statements (Unaudited) as well as in the Management’s Discussion and Analysis of Financial Condition and Results of Operations. You may find it helpful to refer to this page as you read this report.
Anchor (MN):  Anchor Bancorp, Inc.
Anchor (WI):  Anchor BanCorp Wisconsin Inc.
AOCI:  accumulated other comprehensive income (loss)
AQR:  asset quality rating
ASC:  Accounting Standards Codification
ASU:  Accounting Standards Update
ATM:  automated teller machine
BBCC: business banking credit center (small business)
CECL: current expected credit loss
Common Stock:  Old National Bancorp common stock, no par value
COVID-19: coronavirus disease 2019
DTI:  debt-to-income
FASB:  Financial Accounting Standards Board
FDIC:  Federal Deposit Insurance Corporation
FHLB:  Federal Home Loan Bank
FHTC:  Federal Historic Tax Credit
FICO:  Fair Isaac Corporation
First Midwest: First Midwest Bancorp, Inc.
GAAP:  U.S. generally accepted accounting principles
LGD:  loss given default
LIBOR:  London Interbank Offered Rate
LIHTC:  Low Income Housing Tax Credit
LTV:  loan-to-value
N/A:  not applicable
NASDAQ: The NASDAQ Stock Market LLC
N/M:  not meaningful
NMTC: New Markets Tax Credit
NOW:  negotiable order of withdrawal
OCC:  Office of the Comptroller of the Currency
PCD: purchased credit deteriorated
PD:  probability of default
PPP: Paycheck Protection Program
Renewable Energy:  investment tax credits for solar projects
SBA:  Small Business Administration
SEC:  Securities and Exchange Commission
TBA:  to be announced
TDR:  troubled debt restructuring


3


OLD NATIONAL BANCORP
CONSOLIDATED BALANCE SHEETS
(dollars and shares in thousands, except per share data)
September 30,
2022
December 31,
2021
 (unaudited) 
Assets  
Cash and due from banks$466,846 $172,663 
Money market and other interest-earning investments334,765 649,356 
Total cash and cash equivalents801,611 822,019 
Equity securities, at fair value51,846 13,211 
Investment securities - available-for-sale, at fair value:
U.S. Treasury193,605 235,584 
U.S. government-sponsored entities and agencies1,175,457 1,542,773 
Mortgage-backed securities4,459,527 3,698,831 
States and political subdivisions675,047 1,654,986 
Other securities359,344 249,892 
Total investment securities - available-for-sale6,862,980 7,382,066 
Investment securities - held-to-maturity, at amortized cost (fair value
   $2,600,440 and $0, respectively)
3,096,567  
Federal Home Loan Bank/Federal Reserve Bank stock, at cost282,263 169,375 
Loans held for sale, at fair value19,748 35,458 
Loans:
Commercial9,311,148 3,391,769 
Commercial real estate12,227,888 6,380,674 
Residential real estate6,267,306 2,255,289 
Consumer credit, net of unearned income2,722,591 1,574,114 
Total loans30,528,933 13,601,846 
Allowance for credit losses(302,254)(107,341)
Net loans30,226,679 13,494,505 
Premises and equipment, net588,021 476,186 
Operating lease right-of-use assets187,626 69,560 
Accrued interest receivable166,699 84,109 
Goodwill2,002,599 1,036,994 
Other intangible assets133,193 34,678 
Company-owned life insurance767,089 463,324 
Other assets1,028,605 372,079 
Total assets$46,215,526 $24,453,564 
Liabilities
Deposits:
Noninterest-bearing demand$12,400,077 $6,303,106 
Interest-bearing:
Checking and NOW8,963,014 5,338,022 
Savings6,616,512 3,798,494 
Money market5,602,729 2,169,160 
Time deposits2,471,331 960,413 
Total deposits36,053,663 18,569,195 
Federal funds purchased and interbank borrowings301,031 276 
Securities sold under agreements to repurchase438,053 392,275 
Federal Home Loan Bank advances2,804,617 1,886,019 
Other borrowings721,049 296,670 
Operating lease liabilities207,725 76,236 
Accrued expenses and other liabilities746,005 220,875 
Total liabilities41,272,143 21,441,546 
Shareholders' Equity
Preferred stock, 2,000 shares authorized, 231 and 0 shares issued and outstanding, respectively
230,500  
Common stock, $1.00 per share stated value, 600,000 shares authorized,
   292,880 and 165,838 shares issued and outstanding, respectively
292,880 165,838 
Capital surplus4,166,583 1,880,545 
Retained earnings1,061,870 968,010 
Accumulated other comprehensive income (loss), net of tax(808,450)(2,375)
Total shareholders' equity4,943,383 3,012,018 
Total liabilities and shareholders' equity$46,215,526 $24,453,564 
The accompanying notes to consolidated financial statements are an integral part of these statements.
4


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars and shares in thousands, except per share data)
2022202120222021
Interest Income    
Loans including fees:    
Taxable$331,271 $124,488 $800,535 $370,594 
Nontaxable6,461 3,119 14,770 9,647 
Investment securities:
Taxable56,765 24,773 145,633 73,305 
Nontaxable11,086 9,469 32,370 27,862 
Money market and other interest-earning investments935 177 3,073 313 
Total interest income406,518 162,026 996,381 481,721 
Interest Expense
Deposits10,820 2,578 19,201 8,469 
Federal funds purchased and interbank borrowings720  722  
Securities sold under agreements to repurchase106 90 287 305 
Federal Home Loan Bank advances13,027 5,326 25,915 15,953 
Other borrowings5,256 2,460 13,410 7,375 
Total interest expense29,929 10,454 59,535 32,102 
Net interest income376,589 151,572 936,846 449,619 
Provision for credit losses11,287 (4,613)118,101 (26,898)
Net interest income after provision for credit losses365,302 156,185 818,745 476,517 
Noninterest Income
Wealth management fees17,317 10,134 51,251 30,576 
Service charges on deposit accounts20,042 8,123 54,392 23,270 
Debit card and ATM fees10,608 5,745 29,429 17,962 
Mortgage banking revenue5,360 10,870 19,127 35,222 
Investment product fees8,042 6,475 23,932 18,381 
Capital markets income8,906 6,017 20,609 15,603 
Company-owned life insurance3,361 2,355 11,456 7,852 
Debt securities gains (losses), net(172)1,207 85 3,892 
Other income6,921 3,589 24,461 9,977 
Total noninterest income80,385 54,515 234,742 162,735 
Noninterest Expense
Salaries and employee benefits147,203 71,005 433,167 211,762 
Occupancy26,418 12,757 73,933 41,683 
Equipment7,328 3,756 20,046 12,231 
Marketing10,361 3,267 23,756 7,961 
Data processing20,269 11,508 64,914 35,558 
Communication5,392 2,372 14,687 7,661 
Professional fees6,559 3,416 32,686 14,668 
FDIC assessment6,249 1,628 13,523 4,461 
Amortization of intangibles7,089 2,779 19,070 8,763 
Amortization of tax credit investments2,662 1,736 5,703 4,751 
Other expense27,117 7,050 69,313 19,133 
Total noninterest expense266,647 121,274 770,798 368,632 
Income before income taxes179,040 89,426 282,689 270,620 
Income tax expense38,887 17,680 55,137 49,270 
Net income140,153 71,746 227,552 221,350 
Preferred dividends(4,034) (10,084) 
Net income applicable to common shareholders$136,119 $71,746 $217,468 $221,350 
Net income per common share - basic$0.47 $0.43 $0.81 $1.34 
Net income per common share - diluted0.47 0.43 0.80 1.33 
Weighted average number of common shares outstanding - basic290,961 165,258 269,843 165,144 
Weighted average number of common shares outstanding - diluted292,483 165,939 271,123 165,862 
Dividends per common share$0.14 $0.14 $0.42 $0.42 
The accompanying notes to consolidated financial statements are an integral part of these statements.
5


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in thousands)2022202120222021
Net income$140,153 $71,746 $227,552 $221,350 
Other comprehensive income (loss):
Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period(285,798)(3,595)(1,019,782)(112,927)
Reclassification for securities transferred to held-to-maturity  165,473  
Reclassification adjustment for securities (gains) losses
   realized in income
172 (1,207)(85)(3,892)
Income tax effect68,356 627 202,999 26,404 
Unrealized gains (losses) on available-for-sale securities(217,270)(4,175)(651,395)(90,415)