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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)
 
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 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
  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.
 Note 21.
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)
March 31,
2022
December 31,
2021
 (unaudited) 
Assets  
Cash and due from banks$418,744 $172,663 
Money market and other interest-earning investments1,557,808 649,356 
Total cash and cash equivalents1,976,552 822,019 
Equity securities, at fair value67,555 13,211 
Investment securities - available-for-sale, at fair value:
U.S. Treasury419,024 235,584 
U.S. government-sponsored entities and agencies1,580,020 1,542,773 
Mortgage-backed securities5,623,742 3,698,831 
States and political subdivisions750,056 1,654,986 
Other securities377,762 249,892 
Total investment securities - available-for-sale8,750,604 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 cost290,393 169,375 
Loans held for sale, at fair value39,376 35,458 
Loans:
Commercial8,624,253 3,391,769 
Commercial real estate11,337,735 6,380,674 
Residential real estate5,706,155 2,255,289 
Consumer credit, net of unearned income2,668,101 1,574,114 
Total loans28,336,244 13,601,846 
Allowance for credit losses(280,507)(107,341)
Net loans28,055,737 13,494,505 
Premises and equipment, net584,113 476,186 
Operating lease right-of-use assets201,802 69,560 
Accrued interest receivable136,975 84,109 
Goodwill1,997,157 1,036,994 
Other intangible assets147,452 34,678 
Company-owned life insurance766,291 463,324 
Other assets738,399 372,079 
Total assets$45,834,648 $24,453,564 
Liabilities
Deposits:
Noninterest-bearing demand$12,463,136 $6,303,106 
Interest-bearing:
Checking and NOW8,296,337 5,338,022 
Savings6,871,767 3,798,494 
Money market5,432,139 2,169,160 
Time deposits2,544,011 960,413 
Total deposits35,607,390 18,569,195 
Federal funds purchased and interbank borrowings1,721 276 
Securities sold under agreements to repurchase509,275 392,275 
Federal Home Loan Bank advances3,239,357 1,886,019 
Other borrowings597,207 296,670 
Operating lease liabilities234,049 76,236 
Accrued expenses and other liabilities413,535 220,875 
Total liabilities40,602,534 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 surplus4,149,594 1,880,545 
Retained earnings897,260 968,010 
Accumulated other comprehensive income (loss), net of tax(338,199)(2,375)
Total shareholders' equity5,232,114 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.
4


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited)
Three Months Ended
March 31,
(dollars and shares in thousands, except per share data)
20222021
Interest Income  
Loans including fees:  
Taxable$184,015 $122,529 
Nontaxable3,507 3,357 
Investment securities:
Taxable37,409 24,131 
Nontaxable10,266 9,132 
Money market and other interest-earning investments308 88 
Total interest income235,505 159,237 
Interest Expense
Deposits3,194 3,159 
Securities sold under agreements to repurchase96 120 
Federal Home Loan Bank advances5,963 5,409 
Other borrowings3,467 2,429 
Total interest expense12,720 11,117 
Net interest income222,785 148,120 
Provision for credit losses97,569 (17,356)
Net interest income after provision for credit losses125,216 165,476 
Noninterest Income
Wealth management fees14,630 9,708 
Service charges on deposit accounts14,726 8,124 
Debit card and ATM fees6,899 5,143 
Mortgage banking revenue7,245 16,525 
Investment product fees7,322 5,864 
Capital markets income4,442 3,715 
Company-owned life insurance3,524 2,714 
Debt securities gains (losses), net342 1,993 
Other income6,110 2,926 
Total noninterest income65,240 56,712 
Noninterest Expense
Salaries and employee benefits124,147 68,117 
Occupancy21,019 14,872 
Equipment5,168 3,969 
Marketing4,276 2,062 
Data processing18,762 12,353 
Communication3,417 2,878 
Professional fees19,791 2,724 
FDIC assessment2,575 1,607 
Amortization of intangibles4,811 3,075 
Amortization of tax credit investments1,516 1,202 
Other expense21,274 4,881 
Total noninterest expense226,756 117,740 
Income (loss) before income taxes(36,300)104,448 
Income tax expense (benefit)(8,714)17,630 
Net income (loss)(27,586)86,818 
Preferred dividends(2,017) 
Net income (loss) applicable to common shareholders$(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 - basic227,002 164,997 
Weighted average number of common shares outstanding - diluted227,002 165,707 
Dividends per common share$0.14 $0.14 
The accompanying notes to consolidated financial statements are an integral part of these statements.
5


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
Three Months Ended
March 31,
(dollars in thousands)20222021
Net income (loss)$(27,586)$86,818 
Other comprehensive income (loss):
Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period(429,470)(73,514)
Reclassification for securities transferred to held-to-maturity22,163  
Reclassification adjustment for securities (gains) losses
   realized in income
(342)(1,993)
Income tax effect96,235 16,667 
Unrealized gains (losses) on available-for-sale securities(311,414)(58,840)
Change in securities held-to-maturity:
Adjustment for securities transferred from available-for-sale(22,163) 
Amortization of unrealized losses on securities transferred
    from available-for-sale
310  
Income tax effect5,126  
Changes from securities held-to-maturity(16,727) 
Change in cash flow hedges:
Net unrealized derivative gains (losses) on cash flow hedges(9,506)4,048 
Reclassification adjustment for (gains) losses realized in net
   income
(669)(149)
Income tax effect2,500 (958)
Changes from cash flow hedges(7,675)2,941 
Change in defined benefit pension plans:
Amortization of net (gains) losses recognized in income(11)49 
Income tax effect3 (12)
Changes from defined benefit pension plans(8)37 
Other comprehensive income (loss), net of tax(335,824)(55,862)
Comprehensive income (loss)$(363,410)$30,956 
The accompanying notes to consolidated financial statements are an integral part of these statements.
6


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
(dollars in thousands, except per
   share data)
Preferred StockCommon StockCapital SurplusRetained EarningsAccumulated
Other
Comprehensive Income (Loss)
Total
Shareholders' Equity
Balance, December 31, 2020$ $165,367 $1,875,626 $783,892 $147,771 $2,972,656 
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 $2,979,447 
Balance, December 31, 2021$ $165,838 $1,880,545 $968,010 $(2,375)$3,012,018 
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