Company Quick10K Filing
Quick10K
Old National Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$16.94 174 $2,947
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-06 Regulation FD, Exhibits
8-K 2019-08-01 Other Events, Exhibits
8-K 2019-07-22 Earnings, Exhibits
8-K 2019-05-02 Officers, Shareholder Vote, Other Events, Exhibits
8-K 2019-04-30 Regulation FD, Exhibits
8-K 2019-04-25 Officers, Exhibits
8-K 2019-04-22 Earnings, Exhibits
8-K 2019-04-16 Amend Bylaw, Exhibits
8-K 2019-02-13 Other Events, Exhibits
8-K 2019-02-05 Regulation FD, Exhibits
8-K 2019-01-24 Other Events, Exhibits
8-K 2019-01-24 Other Events, Exhibits
8-K 2019-01-22 Earnings, Exhibits
8-K 2019-01-15 Officers, Exhibits
8-K 2018-11-01 Other Events
8-K 2018-11-01 Regulation FD, Exhibits
8-K 2018-10-25 Other Events, Exhibits
8-K 2018-10-22 Earnings, Exhibits
8-K 2018-10-17 Other Events
8-K 2018-07-30 Regulation FD, Exhibits
8-K 2018-07-26 Other Events, Exhibits
8-K 2018-07-23 Earnings, Exhibits
8-K 2018-06-20 Enter Agreement, Exhibits
8-K 2018-05-04 Regulation FD, Exhibits
8-K 2018-04-26 Shareholder Vote, Other Events, Exhibits
8-K 2018-04-23 Earnings, Other Events, Exhibits
8-K 2018-02-06 Regulation FD, Exhibits
8-K 2018-01-25 Other Events
8-K 2018-01-23 Earnings, Exhibits
TMP Tompkins Financial 1,192
WASH Washington Trust Bancorp 806
ORIT Oritani Financial 762
TSC Tristate Capital Holdings 570
FFIC Flushing Financial 541
BWB Bridgewater Bancshares 390
FDBC Fidelity D & D Bancorp 224
CIZN Citizens Holding 111
LARK Landmark Bancorp 99
PNBK Patriot National Bancorp 78
ONB 2019-06-30
Note 1 - Basis of Presentation
Note 2 - Recent Accounting Pronouncements
Note 3 - Acquisition and Divestiture Activity
Note 4 - Net Income per Share
Note 5 - Investment Securities
Note 6 - Loans Held for Sale
Note 7 - Loans and Allowance for Loan Losses
Note 8 - Other Real Estate Owned
Note 9 - Premises and Equipment
Note 10 - Leases
Note 11 - Goodwill and Other Intangible Assets
Note 12 - Loan Servicing Rights
Note 13 - Qualified Affordable Housing Projects and Other Tax Credit Investments
Note 14 - Securities Sold Under Agreements To Repurchase
Note 15 - Federal Home Loan Bank Advances
Note 16 - Other Borrowings
Note 17 - Accumulated Other Comprehensive Income (Loss)
Note 18 - Share-Based Compensation
Note 19 - Income Taxes
Note 20 - Derivative Financial Instruments
Note 21 - Commitments and Contingencies
Note 22 - Financial Guarantees
Note 23 - Segment Information
Note 24 - Fair Value
Note 25 - Revenue From Contracts with Customers
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitive 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-31.1 onb-ex311_8.htm
EX-31.2 onb-ex312_6.htm
EX-32.1 onb-ex321_9.htm
EX-32.2 onb-ex322_7.htm

Old National Bancorp Earnings 2019-06-30

ONB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

onb-10q_20190630.htm
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onb:InsurancePremiumsAndCommissionsMember 2019-01-01 2019-06-30 0000707179 onb:InsurancePremiumsAndCommissionsMember 2018-01-01 2018-06-30

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 June 30, 2019

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)

 

 

INDIANA

35-1539838

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

One Main Street

Evansville, Indiana

47708

(Address of principal executive offices)

(Zip Code)

 

(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

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 (s232.405 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 172,231,000 shares outstanding at June 30, 2019.

 

 


OLD NATIONAL BANCORP

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements

 

 

 

 

Consolidated Balance Sheets

 

4

 

 

Consolidated Statements of Income (unaudited)

 

5

 

 

Consolidated Statements of Comprehensive Income (unaudited)

 

6

 

 

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

 

7

 

 

Consolidated Statements of Cash Flows (unaudited)

 

8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

9

 

 

 

 

Note 1.

 

Basis of Presentation

 

9

 

 

 

 

Note 2.

 

Recent Accounting Pronouncements

 

9

 

 

 

 

Note 3.

 

Acquisition and Divestiture Activity

 

13

 

 

 

 

Note 4.

 

Net Income Per Share

 

15

 

 

 

 

Note 5.

 

Investment Securities

 

16

 

 

 

 

Note 6.

 

Loans Held for Sale

 

20

 

 

 

 

Note 7.

 

Loans and Allowance for Loan Losses

 

20

 

 

 

 

Note 8.

 

Other Real Estate Owned

 

31

 

 

 

 

Note 9.

 

Premises and Equipment

 

31

 

 

 

 

Note 10.

 

Leases

 

32

 

 

 

 

Note 11.

 

Goodwill and Other Intangible Assets

 

34

 

 

 

 

Note 12.

 

Loan Servicing Rights

 

35

 

 

 

 

Note 13.

 

Qualified Affordable Housing Projects and Other Tax Credit Investments

 

35

 

 

 

 

Note 14.

 

Securities Sold Under Agreements to Repurchase

 

37

 

 

 

 

Note 15.

 

Federal Home Loan Bank Advances

 

38

 

 

 

 

Note 16.

 

Other Borrowings

 

39

 

 

 

 

Note 17.

 

Accumulated Other Comprehensive Income (Loss)

 

41

 

 

 

 

Note 18.

 

Share-Based Compensation

 

43

 

 

 

 

Note 19.

 

Income Taxes

 

44

 

 

 

 

Note 20.

 

Derivative Financial Instruments

 

46

 

 

 

 

Note 21.

 

Commitments and Contingencies

 

50

 

 

 

 

Note 22.

 

Financial Guarantees

 

51

 

 

 

 

Note 23.

 

Segment Information

 

51

 

 

 

 

Note 24.

 

Fair Value

 

52

 

 

 

 

Note 25.

 

Revenue from Contracts with Customers

 

59

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

61

 

 

 

 

Financial Highlights

 

61

 

 

 

 

Non-GAAP Financial Measures

 

62

 

 

 

 

Executive Summary

 

63

 

 

 

 

Results of Operations

 

64

 

 

 

 

Financial Condition

 

72

 

 

 

 

Risk Management

 

75

 

 

 

 

Off-Balance Sheet Arrangements

 

85

 

 

 

 

Contractual Obligations

 

85

 

 

 

 

Critical Accounting Policies and Estimates

 

86

 

 

 

 

Forward-Looking Statements

 

88

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

90

Item 4.

 

Controls and Procedures

 

90

PART II.

 

OTHER INFORMATION

 

90

Item 1A.

 

Risk Factors

 

90

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

91

Item 5.

 

Other Information

 

91

Item 6.

 

Exhibits

 

92

SIGNATURE

 

93

 

 

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’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 Bank (MN):  Anchor Bank, N.A.

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

Common Stock:  Old National Bancorp common stock, without par value

CReED:  Indiana Community Revitalization Enhancement District Tax Credit

DTI:  debt-to-income

EITF:  Emerging Issues Task Force

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

Klein:  Klein Financial, Inc.

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

NASDAQ:  The NASDAQ Stock Market LLC

NOW:  negotiable order of withdrawal

OTTI:  other-than-temporary impairment

PCI:  purchased credit impaired

PD:  probability of default

PSA:  prepayment speed assumptions

Renewable Energy:  investment tax credits for solar projects

SAB:  Staff Accounting Bulletin

SEC:  Securities and Exchange Commission

TBA:  to be announced

TDR:  troubled debt restructuring

 


3


OLD NATIONAL BANCORP

CONSOLIDATED BALANCE SHEETS

 

 

June 30,

 

 

December 31,

 

 

June 30,

 

(dollars and shares in thousands, except per share data)

 

 

2019

 

 

 

2018

 

 

 

2018

 

 

 

(unaudited)

 

 

 

 

 

 

(unaudited)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

239,831

 

 

$

284,003

 

 

$

219,626

 

Money market and other interest-earning investments

 

 

61,155

 

 

 

33,162

 

 

 

54,248

 

Total cash and cash equivalents

 

 

300,986

 

 

 

317,165

 

 

 

273,874

 

Equity securities

 

 

6,234

 

 

 

5,582

 

 

 

5,596

 

Investment securities - available-for-sale, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

5,466

 

 

 

5,301

 

 

 

5,257

 

U.S. government-sponsored entities and agencies

 

 

645,458

 

 

 

628,151

 

 

 

568,231

 

Mortgage-backed securities

 

 

2,781,515

 

 

 

2,209,295

 

 

 

1,448,526

 

States and political subdivisions

 

 

908,566

 

 

 

940,429

 

 

 

797,533

 

Other securities

 

 

326,221

 

 

 

340,240

 

 

 

362,118

 

Total investment securities - available-for-sale

 

 

4,667,226

 

 

 

4,123,416

 

 

 

3,181,665

 

Investment securities - held-to-maturity, at amortized cost

   (fair value $486,728; $506,103; and $524,597, respectively)

 

 

470,868

 

 

 

506,334

 

 

 

525,718

 

Federal Home Loan Bank/Federal Reserve Bank stock, at cost

 

 

157,400

 

 

 

142,980

 

 

 

136,206

 

Loans held for sale, at fair value

 

 

37,904

 

 

 

14,911

 

 

 

26,198

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

3,074,849

 

 

 

3,232,970

 

 

 

2,962,895

 

Commercial real estate

 

 

4,993,693

 

 

 

4,958,851

 

 

 

4,451,772

 

Residential real estate

 

 

2,222,198

 

 

 

2,248,404

 

 

 

2,153,973

 

Consumer credit, net of unearned income

 

 

1,755,838

 

 

 

1,803,667

 

 

 

1,726,989

 

Total loans

 

 

12,046,578

 

 

 

12,243,892

 

 

 

11,295,629

 

Allowance for loan losses

 

 

(56,292

)

 

 

(55,461

)

 

 

(53,660

)

Net loans

 

 

11,990,286

 

 

 

12,188,431

 

 

 

11,241,969

 

Premises and equipment, net

 

 

493,481

 

 

 

485,912

 

 

 

449,304

 

Operating lease right-of-use assets

 

 

106,222

 

 

 

 

 

 

 

Accrued interest receivable

 

 

90,543

 

 

 

89,464

 

 

 

81,290

 

Goodwill

 

 

1,036,258

 

 

 

1,036,258

 

 

 

828,804

 

Other intangible assets

 

 

68,220

 

 

 

77,016

 

 

 

45,417

 

Company-owned life insurance

 

 

445,749

 

 

 

444,224

 

 

 

405,492

 

Net deferred tax assets

 

 

36,002

 

 

 

87,048

 

 

 

90,187

 

Loan servicing rights

 

 

24,332

 

 

 

24,497

 

 

 

24,303

 

Other assets

 

 

213,574

 

 

 

185,197

 

 

 

166,967

 

Total assets

 

$

20,145,285

 

 

$

19,728,435

 

 

$

17,482,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

3,771,888

 

 

$

3,965,380

 

 

$

3,600,793

 

Interest-bearing:

 

 

 

 

 

 

 

 

 

 

 

 

Checking and NOW

 

 

3,950,161

 

 

 

3,788,339

 

 

 

3,054,302

 

Savings

 

 

2,877,673

 

 

 

2,944,092

 

 

 

3,026,110

 

Money market

 

 

1,819,716

 

 

 

1,627,882

 

 

 

1,090,621

 

Time

 

 

1,943,663

 

 

 

2,024,256

 

 

 

1,824,550

 

Total deposits

 

 

14,363,101

 

 

 

14,349,949

 

 

 

12,596,376

 

Federal funds purchased and interbank borrowings

 

 

410,036

 

 

 

270,135

 

 

 

175,044

 

Securities sold under agreements to repurchase

 

 

334,540

 

 

 

362,294

 

 

 

347,511

 

Federal Home Loan Bank advances

 

 

1,730,065

 

 

 

1,613,481

 

 

 

1,757,308

 

Other borrowings

 

 

251,840

 

 

 

247,883

 

 

 

250,241

 

Operating lease liabilities

 

 

110,596

 

 

 

 

 

 

 

Accrued expenses and other liabilities

 

 

141,968

 

 

 

195,123

 

 

 

156,295

 

Total liabilities