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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 March 31, 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)
| | | | | | | | | | | |
Indiana | 35-1539838 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| | | |
One Main Street | 47708 |
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 | | The | NASDAQ | Stock Market LLC |
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | | ONBPP | | The | NASDAQ | Stock Market LLC |
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | | ONBPO | | The | NASDAQ | Stock 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 the filing requirements for at least 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 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 Act). Yes ☐ No ☑
The registrant has one class of common stock (no par value) with 292,959,000 shares outstanding at March 31, 2022.
OLD NATIONAL BANCORP
FORM 10-Q
TABLE OF CONTENTS | | | | | | | | | | | |
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PART I. | | |
Item 1. | | |
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| Note 1. | | |
| Note 2. | | |
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| Note 13. | | |
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| Note 19. | | |
| Note 20. | | |
| Note 21. | | |
Item 2. | | |
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Item 3. | | |
Item 4. | | |
PART II. | | |
Item 1A. | | |
Item 2. | | |
Item 5. | | |
Item 6. | | |
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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
OLD NATIONAL BANCORP
CONSOLIDATED BALANCE SHEETS | | | | | | | | | | | |
(dollars and shares in thousands, except per share data) | March 31, 2022 | | December 31, 2021 |
| (unaudited) | | |
Assets | | | |
Cash and due from banks | $ | 418,744 | | | $ | 172,663 | |
Money market and other interest-earning investments | 1,557,808 | | | 649,356 | |
Total cash and cash equivalents | 1,976,552 | | | 822,019 | |
Equity securities, at fair value | 67,555 | | | 13,211 | |
Investment securities - available-for-sale, at fair value: | | | |
U.S. Treasury | 419,024 | | | 235,584 | |
U.S. government-sponsored entities and agencies | 1,580,020 | | | 1,542,773 | |
Mortgage-backed securities | 5,623,742 | | | 3,698,831 | |
States and political subdivisions | 750,056 | | | 1,654,986 | |
Other securities | 377,762 | | | 249,892 | |
Total investment securities - available-for-sale | 8,750,604 | | | 7,382,066 | |
Investment securities - held-to-maturity, at amortized cost (fair value $1,955,596 and $0, respectively) | 2,082,242 | | | — | |
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 290,393 | | | 169,375 | |
Loans held for sale, at fair value | 39,376 | | | 35,458 | |
Loans: | | | |
Commercial | 8,624,253 | | | 3,391,769 | |
Commercial real estate | 11,337,735 | | | 6,380,674 | |
Residential real estate | 5,706,155 | | | 2,255,289 | |
Consumer credit, net of unearned income | 2,668,101 | | | 1,574,114 | |
Total loans | 28,336,244 | | | 13,601,846 | |
Allowance for credit losses | (280,507) | | | (107,341) | |
Net loans | 28,055,737 | | | 13,494,505 | |
Premises and equipment, net | 584,113 | | | 476,186 | |
Operating lease right-of-use assets | 201,802 | | | 69,560 | |
Accrued interest receivable | 136,975 | | | 84,109 | |
Goodwill | 1,997,157 | | | 1,036,994 | |
Other intangible assets | 147,452 | | | 34,678 | |
Company-owned life insurance | 766,291 | | | 463,324 | |
Other assets | 738,399 | | | 372,079 | |
Total assets | $ | 45,834,648 | | | $ | 24,453,564 | |
Liabilities | | | |
Deposits: | | | |
Noninterest-bearing demand | $ | 12,463,136 | | | $ | 6,303,106 | |
Interest-bearing: | | | |
Checking and NOW | 8,296,337 | | | 5,338,022 | |
Savings | 6,871,767 | | | 3,798,494 | |
Money market | 5,432,139 | | | 2,169,160 | |
Time deposits | 2,544,011 | | | 960,413 | |
Total deposits | 35,607,390 | | | 18,569,195 | |
Federal funds purchased and interbank borrowings | 1,721 | | | 276 | |
Securities sold under agreements to repurchase | 509,275 | | | 392,275 | |
Federal Home Loan Bank advances | 3,239,357 | | | 1,886,019 | |
Other borrowings | 597,207 | | | 296,670 | |
Operating lease liabilities | 234,049 | | | 76,236 | |
Accrued expenses and other liabilities | 413,535 | | | 220,875 | |
Total liabilities | 40,602,534 | | | 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, 292,959 and 165,838 shares issued and outstanding, respectively | 292,959 | | | 165,838 | |
Capital surplus | 4,149,594 | | | 1,880,545 | |
Retained earnings | 897,260 | | | 968,010 | |
Accumulated other comprehensive income (loss), net of tax | (338,199) | | | (2,375) | |
Total shareholders' equity | 5,232,114 | | | 3,012,018 | |
Total liabilities and shareholders' equity | $ | 45,834,648 | | | $ | 24,453,564 | |
The accompanying notes to consolidated financial statements are an integral part of these statements.
OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited) | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
(dollars and shares in thousands, except per share data) | 2022 | | 2021 | | | | |
Interest Income | | | | | | | |
Loans including fees: | | | | | | | |
Taxable | $ | 184,015 | | | $ | 122,529 | | | | | |
Nontaxable | 3,507 | | | 3,357 | | | | | |
Investment securities: | | | | | | | |
Taxable | 37,409 | | | 24,131 | | | | | |
Nontaxable | 10,266 | | | 9,132 | | | | | |
Money market and other interest-earning investments | 308 | | | 88 | | | | | |
Total interest income | 235,505 | | | 159,237 | | | | | |
Interest Expense | | | | | | | |
Deposits | 3,194 | | | 3,159 | | | | | |
| | | | | | | |
Securities sold under agreements to repurchase | 96 | | | 120 | | | | | |
Federal Home Loan Bank advances | 5,963 | | | 5,409 | | | | | |
Other borrowings | 3,467 | | | 2,429 | | | | | |
Total interest expense | 12,720 | | | 11,117 | | | | | |
Net interest income | 222,785 | | | 148,120 | | | | | |
Provision for credit losses | 97,569 | | | (17,356) | | | | | |
Net interest income after provision for credit losses | 125,216 | | | 165,476 | | | | | |
Noninterest Income | | | | | | | |
Wealth management fees | 14,630 | | | 9,708 | | | | | |
Service charges on deposit accounts | 14,726 | | | 8,124 | | | | | |
Debit card and ATM fees | 6,899 | | | 5,143 | | | | | |
Mortgage banking revenue | 7,245 | | | 16,525 | | | | | |
Investment product fees | 7,322 | | | 5,864 | | | | | |
Capital markets income | 4,442 | | | 3,715 | | | | | |
Company-owned life insurance | 3,524 | | | 2,714 | | | | | |
Debt securities gains (losses), net | 342 | | | 1,993 | | | | | |
Other income | 6,110 | | | 2,926 | | | | | |
Total noninterest income | 65,240 | | | 56,712 | | | | | |
Noninterest Expense | | | | | | | |
Salaries and employee benefits | 124,147 | | | 68,117 | | | | | |
Occupancy | 21,019 | | | 14,872 | | | | | |
Equipment | 5,168 | | | 3,969 | | | | | |
Marketing | 4,276 | | | 2,062 | | | | | |
Data processing | 18,762 | | | 12,353 | | | | | |
Communication | 3,417 | | | 2,878 | | | | | |
Professional fees | 19,791 | | | 2,724 | | | | | |
FDIC assessment | 2,575 | | | 1,607 | | | | | |
Amortization of intangibles | 4,811 | | | 3,075 | | | | | |
Amortization of tax credit investments | 1,516 | | | 1,202 | | | | | |
Other expense | 21,274 | | | 4,881 | | | | | |
Total noninterest expense | 226,756 | | | 117,740 | | | | | |
Income (loss) before income taxes | (36,300) | | | 104,448 | | | | | |
Income tax expense (benefit) | (8,714) | | | 17,630 | | | | | |
Net income (loss) | (27,586) | | | 86,818 | | | | | |
Preferred dividends | (2,017) | | | — | | | | | |
| | | | | | | |
Net income (loss) applicable to common shareholders | $ | (29,603) | | | $ | 86,818 | | | | | |
Net income (loss) per common share - basic | $ | (0.13) | | | $ | 0.53 | | | | | |
Net income (loss) per common share - diluted | (0.13) | | | 0.52 | | | | | |
Weighted average number of common shares outstanding - basic | 227,002 | | | 164,997 | | | | | |
Weighted average number of common shares outstanding - diluted | 227,002 | | | 165,707 | | | | | |
Dividends per common share | $ | 0.14 | | | $ | 0.14 | | | | | |
The accompanying notes to consolidated financial statements are an integral part of these statements.
OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) | | | | | | | | | | | | | | |
| Three Months Ended March 31, | |
(dollars in thousands) | 2022 | | 2021 | | | |
Net income (loss) | $ | (27,586) | | | $ | 86,818 | | | | |
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Other comprehensive income (loss): | | | | | | |
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Change in debt securities available-for-sale: | | | | | | |
Unrealized holding gains (losses) for the period | (429,470) | | | (73,514) | | | | |
Reclassification for securities transferred to held-to-maturity | 22,163 | | | — | | | | |
Reclassification adjustment for securities (gains) losses realized in income | (342) | | | (1,993) | | | | |
Income tax effect | 96,235 | | | 16,667 | | | | |
Unrealized gains (losses) on available-for-sale securities | (311,414) | | | (58,840) | | | | |
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Change in securities held-to-maturity: | | | | | | |
Adjustment for securities transferred from available-for-sale | (22,163) | | | — | | | | |
Amortization of unrealized losses on securities transferred from available-for-sale | 310 | | | — | | | | |
Income tax effect | 5,126 | | | — | | | | |
Changes from securities held-to-maturity | (16,727) | | | — | | | | |
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Change in cash flow hedges: | | | | | | |
Net unrealized derivative gains (losses) on cash flow hedges | (9,506) | | | 4,048 | | | | |
Reclassification adjustment for (gains) losses realized in net income | (669) | | | (149) | | | | |
Income tax effect | 2,500 | | | (958) | | | | |
Changes from cash flow hedges | (7,675) | | | 2,941 | | | | |
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Change in defined benefit pension plans: | | | | | | |
Amortization of net (gains) losses recognized in income | (11) | | | 49 | | | | |
Income tax effect | 3 | | | (12) | | | | |
Changes from defined benefit pension plans | (8) | | | 37 | | | | |
Other comprehensive income (loss), net of tax | (335,824) | | | (55,862) | | | | |
Comprehensive income (loss) | $ | (363,410) | | | $ | 30,956 | | | | |
The accompanying notes to consolidated financial statements are an integral part of these statements.
OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(dollars in thousands, except per share data) | Preferred Stock | | Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Shareholders' Equity |
Balance, December 31, 2020 | $ | — | | | $ | 165,367 | | | $ | 1,875,626 | | | $ | 783,892 | | | $ | 147,771 | | | $ | 2,972,656 | |
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Net income | — | | | — | | | — | | | 86,818 | | | — | | | 86,818 | |
Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (55,862) | | | (55,862) | |
Dividends - common stock ($0.14 per share) | — | | | — | | | — | | | (23,195) | | | — | | | (23,195) | |
Common stock issued | — | | | 9 | | | 130 | | | — | | | — | | | 139 | |
Common stock repurchased | — | | | (160) | | | (2,696) | | | — | | | — | | | (2,856) | |
Share-based compensation expense | — | | | — | | | 1,747 | | | — | | | — | | | 1,747 | |
Stock activity under incentive compensation plans | — | | | 460 | | | (235) | | | (225) | | | — | | | — | |
Balance, March 31, 2021 | $ | — | | | $ | 165,676 | | | $ | 1,874,572 | | | $ | 847,290 | | | $ | 91,909 | | | $ | 2,979,447 | |
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Balance, December 31, 2021 | $ | — | | | $ | 165,838 | | | $ | 1,880,545 | | | $ | 968,010 | | | $ | (2,375) | | | $ | 3,012,018 | |
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Net income (loss) | — | | | — | | | — | | | (27,586) | | | — | | | (27,586) | |
Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (335,824) | | | (335,824) | |
First Midwest Bancorp, Inc. merger: | | | | | | | | | | | |
Issuance of common stock | — | | | 129,365 | | | 2,316,947 | | | — | | | — | | | 2,446,312 | |
Issuance of preferred stock, net of issuance costs | 230,500 | | | — | | | 13,219 | | | — | | | — | | | 243,719 | |
Cash dividends: | | | | | | | | | | | |
Common ($0.14 per share) | — | | | — | | | — | | | (40,782) | | | — | | | (40,782) | |
Preferred dividends | — | | | — | | | — | | | (2,017) | | | — | | | (2,017) | |
Common stock issued | — | | | 10 | | | 155 | | | — | | | — | | | 165 | |
Common stock repurchased | — | | | (3,890) | | | (66,188) | | | — | | | — | | | (70,078) | |
Share-based compensation expense | — | | | — | | | 6,284 | | | — | | | — | | | 6,284 | |
Stock activity under incentive compensation plans | — | | | 1,636 | | | (1,368) | | | (365) | | | — | | | (97) | |
Balance, March 31, 2022 | $ | 230,500 | | | $ | 292,959 | | | $ | 4,149,594 | | | $ | 897,260 | | | $ | (338,199) | | | $ | 5,232,114 | |
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