Company Quick10K Filing
Old National Bancorp
Price17.31 EPS1
Shares174 P/E13
MCap3,004 P/FCF22
Net Debt-420 EBIT408
TEV2,584 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-28
10-K 2020-12-31 Filed 2021-02-10
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-12
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-11-02
8-K 2020-10-29
8-K 2020-10-19
8-K 2020-08-10
8-K 2020-07-30
8-K 2020-07-20
8-K 2020-05-08
8-K 2020-04-30
8-K 2020-04-20
8-K 2020-02-03
8-K 2020-01-30
8-K 2020-01-21
8-K 2019-11-04
8-K 2019-10-24
8-K 2019-10-21
8-K 2019-08-06
8-K 2019-08-01
8-K 2019-07-22
8-K 2019-05-02
8-K 2019-04-30
8-K 2019-04-25
8-K 2019-04-22
8-K 2019-04-16
8-K 2019-02-13
8-K 2019-02-05
8-K 2019-01-24
8-K 2019-01-22
8-K 2019-01-15
8-K 2018-11-01
8-K 2018-11-01
8-K 2018-10-25
8-K 2018-10-22
8-K 2018-10-17
8-K 2018-07-30
8-K 2018-07-26
8-K 2018-07-23
8-K 2018-06-20
8-K 2018-05-04
8-K 2018-04-26
8-K 2018-04-23
8-K 2018-02-06
8-K 2018-01-25
8-K 2018-01-23

ONB 10Q Quarterly Report

Note 1 - Basis of Presentation
Note 2 - Recent Accounting Pronouncements
Note 3 - Net Income per Share
Note 4 - Investment Securities
Note 5 - Loans and Allowance for Credit Losses
Note 6 - Other Real Estate Owned
Note 7 - Premises and Equipment
Note 8 - Leases
Note 9 - Goodwill and Other Intangible Assets
Note 10 - Loan Servicing Rights
Note 11 - Qualified Affordable Housing Projects and Other Tax Credit Investments
Note 12 - Securities Sold Under Agreements To Repurchase
Note 13 - Federal Home Loan Bank Advances
Note 14 - Other Borrowings
Note 15 - Accumulated Other Comprehensive Income (Loss)
Note 16 - Share - Based Compensation
Note 17 - Income Taxes
Note 18 - Derivative Financial Instruments
Note 19 - Commitments and Contingencies
Note 20 - Financial Guarantees
Note 21 - Segment Information
Note 22 - Fair Value
Note 23 - Revenue From Contracts with Customers
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.1 onb_exhibit101.htm
EX-10.2 onb_exhibit102.htm
EX-10.3 onb_exhibit103.htm
EX-31.1 onb_exhibit3111q21.htm
EX-31.2 onb_exhibit3121q21.htm
EX-32.1 onb_exhibit3211q21.htm
EX-32.2 onb_exhibit3221q21.htm

Old National Bancorp Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.60.40.1-0.1-0.4-0.62012201420172020
Ops, Inv, Fin

onb-20210331
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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, 2021
 
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 1-15817
 
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
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  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock.  The registrant has one class of common stock (no par value) with 165,676,000 shares outstanding at March 31, 2021.



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.
 Note 22.
 Note 23.
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)
CAA: Consolidated Appropriations Act
CARES Act: Coronavirus Aid, Relief and Economic Security Act
CECL: current expected credit loss
Common Stock:  Old National Bancorp common stock, without par value
COVID-19: coronavirus 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
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
N/M:  not meaningful
NMTC: New Markets Tax Credit
NOW:  negotiable order of withdrawal
OCC:  Office of the Comptroller of the Currency
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,
2021
December 31,
2020
 (unaudited) 
Assets  
Cash and due from banks$154,330 $268,208 
Money market and other interest-earning investments303,447 321,504 
Total cash and cash equivalents457,777 589,712 
Equity securities, at fair value2,429 2,547 
Investment securities - available-for-sale, at fair value:
U.S. Treasury228,890 10,208 
U.S. government-sponsored entities and agencies1,373,533 841,988 
Mortgage-backed securities3,385,339 3,339,098 
States and political subdivisions1,467,804 1,492,162 
Other securities268,964 286,659 
Total investment securities - available-for-sale6,724,530 5,970,115 
Federal Home Loan Bank/Federal Reserve Bank stock, at cost169,417 169,433 
Loans held for sale, at fair value50,281 63,250 
Loans:
Commercial4,068,896 3,956,422 
Commercial real estate6,074,135 5,946,512 
Residential real estate2,203,277 2,248,422 
Consumer credit, net of unearned income1,578,953 1,635,123 
Total loans13,925,261 13,786,479 
Allowance for credit losses(114,037)(131,388)
Net loans13,811,224 13,655,091 
Premises and equipment, net466,559 464,408 
Operating lease right-of-use assets74,611 76,197 
Accrued interest receivable80,841 85,306 
Goodwill1,036,994 1,036,994 
Other intangible assets42,939 46,014 
Company-owned life insurance456,782 456,110 
Other assets370,067 345,445 
Total assets$23,744,451 $22,960,622 
Liabilities
Deposits:
Noninterest-bearing demand$6,091,054 $5,633,672 
Interest-bearing:
Checking and NOW4,958,791 4,977,046 
Savings3,631,145 3,395,747 
Money market2,125,862 1,908,118 
Time deposits1,042,903 1,122,870 
Total deposits17,849,755 17,037,453 
Federal funds purchased and interbank borrowings922 1,166 
Securities sold under agreements to repurchase395,242 431,166 
Federal Home Loan Bank advances1,912,541 1,991,435 
Other borrowings266,282 252,787 
Operating lease liabilities84,665 86,598 
Accrued expenses and other liabilities255,597 187,361 
Total liabilities20,765,004 19,987,966 
Shareholders' Equity
Preferred stock, 2,000 shares authorized, no shares issued or outstanding
  
Common stock, $1.00 per share stated value, 300,000 shares authorized,
   165,676 and 165,367 shares issued and outstanding, respectively
165,676 165,367 
Capital surplus1,874,572 1,875,626 
Retained earnings847,290 783,892 
Accumulated other comprehensive income (loss), net of tax91,909 147,771 
Total shareholders' equity2,979,447 2,972,656 
Total liabilities and shareholders' equity$23,744,451 $22,960,622 
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
March 31,
(dollars and shares in thousands, except per share data)
20212020
Interest Income  
Loans including fees:  
Taxable$122,529 $128,727 
Nontaxable3,357 3,625 
Investment securities:
Taxable24,131 27,356 
Nontaxable9,132 7,942 
Money market and other interest-earning investments88 349 
Total interest income159,237 167,999 
Interest Expense
Deposits3,159 12,298 
Federal funds purchased and interbank borrowings 1,240 
Securities sold under agreements to repurchase120 384 
Federal Home Loan Bank advances5,409 7,768 
Other borrowings2,429 2,538 
Total interest expense11,117 24,228 
Net interest income148,120 143,771 
Provision for credit losses(17,356)16,950 
Net interest income after provision for credit losses165,476 126,821 
Noninterest Income
Wealth management fees9,708 8,884 
Service charges on deposit accounts8,124 10,077 
Debit card and ATM fees5,143 4,998 
Mortgage banking revenue16,525 11,119 
Investment product fees5,864 5,874 
Capital markets income3,715 4,328 
Company-owned life insurance2,714 3,080 
Debt securities gains (losses), net1,993 5,174 
Other income2,926 3,968 
Total noninterest income56,712 57,502 
Noninterest Expense
Salaries and employee benefits68,117 79,173 
Occupancy14,872 15,133 
Equipment3,969 5,305 
Marketing2,062 3,097 
Data processing12,353 9,467 
Communication2,878 2,798 
Professional fees2,724 4,293 
FDIC assessment1,607 1,609 
Amortization of intangibles3,075 3,776 
Amortization of tax credit investments1,202 5,515 
Other expense4,881 28,578 
Total noninterest expense117,740 158,744 
Income before income taxes104,448 25,579 
Income tax expense17,630 2,939 
Net income$86,818 $22,640 
Net income per common share - basic$0.53 $0.13 
Net income per common share - diluted0.52 0.13 
Weighted average number of common shares outstanding - basic164,997 167,748 
Weighted average number of common shares outstanding - diluted165,707 168,404 
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 (unaudited)
Three Months Ended
March 31,
(dollars in thousands)20212020
Net income$86,818 $22,640 
Other comprehensive income (loss):
Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period(73,514)103,954 
Reclassification adjustment for securities (gains) losses
   realized in income
(1,993)(5,174)
Income tax effect16,667 (22,411)
Unrealized gains (losses) on available-for-sale debt securities(58,840)76,369 
Cash flow hedges:
Net unrealized derivative gains (losses) on cash flow hedges4,048 7,803 
Reclassification adjustment for (gains) losses realized in net
   income
(149)(431)
Income tax effect(958)(1,811)
Changes from cash flow hedges2,941 5,561 
Defined benefit pension plans:
Amortization of net loss recognized in income49 27