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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, 2024
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 NASDAQ Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series AONBPPNASDAQ Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series CONBPONASDAQ Global Select Market
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 318,971,000 shares outstanding at April 30, 2024.



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.
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,” “the Company,” “we,” “our,” “us,” and similar terms refer to the consolidated entity consisting of Old National Bancorp and its wholly-owned subsidiaries. Old National Bancorp refers solely to the parent holding company, and Old National Bank refers to Old National Bancorp’s wholly-owned bank subsidiary.
The acronyms and abbreviations identified below are used throughout this report, including the Notes to Consolidated Financial Statements (Unaudited). You may find it helpful to refer to this page as you read this report.
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)
CapStar:  CapStar Financial Holdings, Inc.
CECL: current expected credit loss
Common Stock:  Old National Bancorp common stock, no par value
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
NASDAQ: NASDAQ Global Select Market
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
Renewable Energy:  investment tax credits for solar projects
SEC:  U.S. Securities and Exchange Commission
SOFR: Secured Overnight Financing Rate


3


OLD NATIONAL BANCORP
CONSOLIDATED BALANCE SHEETS
(dollars and shares in thousands, except per share data)
March 31,
2024
December 31,
2023
 (unaudited) 
Assets  
Cash and due from banks$350,990 $430,866 
Money market and other interest-earning investments588,509 744,192 
Total cash and cash equivalents939,499 1,175,058 
Equity securities, at fair value84,954 80,372 
Investment securities - available-for-sale, at fair value (amortized cost
   $7,834,082 and $7,684,889, respectively)
6,791,652 6,713,055 
Investment securities - held-to-maturity, at amortized cost (fair value
   $2,547,576 and $2,601,188, respectively)
3,001,349 3,013,493 
Federal Home Loan Bank/Federal Reserve Bank stock, at cost365,588 365,588 
Loans held-for-sale, at fair value19,418 32,006 
Loans:
Commercial9,648,269 9,512,230 
Commercial real estate14,653,958 14,140,629 
Residential real estate6,661,379 6,699,443 
Consumer2,659,713 2,639,625 
Total loans, net of unearned income33,623,319 32,991,927 
Allowance for credit losses on loans(319,713)(307,610)
Net loans33,303,606 32,684,317 
Premises and equipment, net564,007 565,396 
Goodwill1,998,716 1,998,716 
Other intangible assets96,795 102,250 
Company-owned life insurance767,423 767,902 
Accrued interest receivable and other assets1,601,911 1,591,683 
Total assets$49,534,918 $49,089,836 
Liabilities
Deposits:
Noninterest-bearing demand$9,257,709 $9,664,247 
Interest-bearing:
Checking and NOW7,236,667 7,331,487 
Savings5,020,095 5,099,186 
Money market10,234,113 9,561,116 
Time deposits5,950,834 5,579,144 
Total deposits37,699,418 37,235,180 
Federal funds purchased and interbank borrowings50,416 390 
Securities sold under agreements to repurchase274,493 285,206 
Federal Home Loan Bank advances4,193,039 4,280,681 
Other borrowings813,213 764,870 
Accrued expenses and other liabilities908,931 960,609 
Total liabilities43,939,510 43,526,936 
Shareholders’ Equity
Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding
230,500 230,500 
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized,
   293,330 and 292,655 shares issued and outstanding, respectively
293,330 292,655 
Capital surplus4,157,542 4,159,924 
Retained earnings1,693,664 1,618,630 
Accumulated other comprehensive income (loss), net of tax(779,628)(738,809)
Total shareholders’ equity5,595,408 5,562,900 
Total liabilities and shareholders’ equity$49,534,918 $49,089,836 
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)
20242023
Interest Income  
Loans including fees:  
Taxable$487,361 $410,375 
Nontaxable13,102 10,212 
Investment securities:
Taxable75,027 60,801 
Nontaxable10,506 11,163 
Money market and other interest-earning investments9,985 3,098 
Total interest income595,981 495,649 
Interest Expense
Deposits185,439 62,593 
Federal funds purchased and interbank borrowings961 4,839 
Securities sold under agreements to repurchase917 779 
Federal Home Loan Bank advances41,167 37,996 
Other borrowings11,039 7,954 
Total interest expense239,523 114,161 
Net interest income356,458 381,488 
Provision for credit losses18,891 13,437 
Net interest income after provision for credit losses337,567 368,051 
Noninterest Income
Wealth and investment services fees28,304 26,920 
Service charges on deposit accounts17,898 17,003 
Debit card and ATM fees10,054 9,982 
Mortgage banking revenue4,478 3,400 
Capital markets income2,900 6,939 
Company-owned life insurance3,434 3,186 
Debt securities gains (losses), net(16)(5,216)
Other income10,470 8,467 
Total noninterest income77,522 70,681 
Noninterest Expense
Salaries and employee benefits149,803 137,364 
Occupancy27,019 28,282 
Equipment8,671 7,389 
Marketing10,634 9,417 
Technology20,023 19,202 
Communication4,000 4,461 
Professional fees6,406 6,732 
FDIC assessment11,313 10,404 
Amortization of intangibles5,455 6,186 
Amortization of tax credit investments2,749 2,761 
Other expense16,244 18,513 
Total noninterest expense262,317 250,711 
Income before income taxes152,772 188,021 
Income tax expense32,488 41,421 
Net income 120,284 146,600 
Preferred dividends(4,034)(4,034)
Net income applicable to common shareholders$116,250 $142,566 
Net income per common share - basic$0.40 $0.49 
Net income per common share - diluted0.40 0.49 
Weighted average number of common shares outstanding - basic290,980 291,088 
Weighted average number of common shares outstanding - diluted292,207 292,756 
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)20242023
Net income$120,284 $146,600 
Other comprehensive income (loss):
Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period(44,709)24,724 
Reclassification adjustment for securities (gains) losses
   realized in income
16 5,216 
Income tax effect11,242 1,146 
Unrealized gains (losses) on available-for-sale securities(33,451)31,086 
Change in securities held-to-maturity:
Amortization of unrealized losses on securities transferred
    from available-for-sale
4,318 5,829 
Income tax effect(1,097)(131)
Changes from securities held-to-maturity3,221 5,698 
Change in hedges:
Net unrealized derivative gains (losses) on hedges(19,159)47,849 
Reclassification adjustment for (gains) losses realized in net
   income
4,877 7,292 
Income tax effect3,693 (13,720)
Changes from hedges(10,589)41,421 
Change in defined benefit pension plans:
Amortization of net (gains) losses recognized in income (188)
Income tax effect 47 
Changes from defined benefit pension plans (141)
Other comprehensive income (loss), net of tax(40,819)78,064 
Comprehensive income (loss)$79,465 $224,664 
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, 2022$230,500 $292,903 $4,174,265 $1,217,349 $(786,422)$5,128,595 
Net income   146,600  146,600 
Other comprehensive income (loss)    78,064 78,064 
Cash dividends:
Common ($0.14 per share)
   (41,088) (41,088)
Preferred ($17.50 per share)
   (4,034) (4,034)
Common stock issued— 15 247 —  262 
Common stock repurchased— (2,598)(41,112)  (43,710)
Share-based compensation expense  12,742   12,742 
Stock activity under incentive
   compensation plans
— 1,602 (1,412)(195) (5)
Balance, March 31, 2023$230,500 $291,922 $4,144,730 $1,318,632 $(708,358)$5,277,426 
December 31, 2023$230,500 $292,655 $4,159,924 $1,618,630 $(738,809)$5,562,900 
Net income   120,284  120,284 
Other comprehensive income (loss)    (40,819)(40,819)
Cash dividends:
Common ($0.14 per share)
   (41,060) (41,060)
Preferred ($17.50 per share)
   (4,034) (4,034)
Common stock issued 17 248   265 
Common stock repurchased (434)(6,748)  (7,182)
Share-based compensation expense  5,491   5,491 
Stock activity under incentive
   compensation plans
 1,092 (1,373)(156) (437)
Balance, March 31, 2024$230,500 $293,330 $4,157,542 $1,693,664 $(779,628)$5,595,408 
The accompanying notes to consolidated financial statements are an integral part of these statements.
7


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended
March 31,
(dollars in thousands)20242023
Cash Flows From Operating Activities  
Net income$120,284 $146,600 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation9,678 9,121 
Amortization of other intangible assets5,455 6,186 
Amortization of tax credit investments2,749 2,761 
Net premium amortization on investment securities1,133 3,603 
Accretion income related to acquired loans(3,612)(6,410)
Share-based compensation expense5,491 12,742 
Provision for credit losses18,891 13,437 
Debt securities (gains) losses, net16 5,216 
Net (gains) losses on sales of loans and other assets(1,245)829 
Increase in cash surrender value of company-owned life insurance(3,434)(3,186)
Residential real estate loans originated for sale(112,818)(65,148)
Proceeds from sales of residential real estate loans112,552 67,468 
(Increase) decrease in interest receivable5,349 1,533 
(Increase) decrease in other assets14,135 (3,833)
Increase (decrease) in accrued expenses and other liabilities(70,391)(137,230)
Net cash flows provided by (used in) operating activities104,233 53,689 
Cash Flows From Investing Activities
Purchases of investment securities available-for-sale(483,506)(44,413)
Purchases of investment securities held-to-maturity (1,941)
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock (99,158)
Purchases of equity securities(3,791)(20,807)
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale318,810 164,893 
Proceeds from sales of investment securities available-for-sale15,195 51,522 
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity15,619 24,744 
Proceeds from sales of equity securities1,834 615 
Loan originations and payments, net(639,530)(708,752)
Proceeds from sales of commercial loans13,819  
Proceeds from company-owned life insurance death benefits3,891 2,257 
Proceeds from sales of premises and equipment and other assets 1,410 
Purchases of premises and equipment and other assets(8,482)(10,456)
Net cash flows provided by (used in) investing activities(766,141)(640,086)
Cash Flows From Financing Activities
Net increase (decrease) in:
Deposits464,238 (83,038)
Federal funds purchased and interbank borrowings50,026 37,466 
Securities sold under agreements to repurchase(10,713)(39,786)
Other borrowings49,809 (4,002)
Payments for maturities of Federal Home Loan Bank advances(825,000)(750,150)
Proceeds from Federal Home Loan Bank advances750,000 1,900,000 
Cash dividends paid(45,094)(45,122)
Common stock repurchased(7,182)(43,710)
Common stock issued265 262 
Net cash flows provided by (used in) financing activities426,349 971,920 
Net increase (decrease) in cash and cash equivalents(235,559)385,523 
Cash and cash equivalents at beginning of period1,175,058 728,412 
Cash and cash equivalents at end of period$939,499 $1,113,935 

8


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) – (Continued)
Three Months Ended
March 31,
(dollars in thousands)20242023
Supplemental cash flow information:
Total interest paid$241,927 $104,917 
Total income taxes paid (net of refunds)2,429 1,182 
Operating lease right-of-use assets obtained in exchange for lease obligations(193)222 
Finance lease right-of-use assets obtained in exchange for lease obligations10,400 9,141 
The accompanying notes to consolidated financial statements are an integral part of these statements.
9


OLD NATIONAL BANCORP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
NOTE 1 – BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements include the accounts of Old National Bancorp and its wholly-owned subsidiaries (hereinafter collectively referred to as “Old National”) and have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Such principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all the normal and recurring adjustments necessary for a fair statement of the financial position of Old National as of March 31, 2024 and December 31, 2023, and the results of its operations for the three months ended March 31, 2024 and 2023. Interim results do not necessarily represent annual results. Certain information and disclosures normally included in notes to consolidated annual financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to SEC rules and regulations. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2023.
All intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts.
NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Guidance Adopted in 2024
FASB ASC 820 – In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2024 did not have a material impact on the consolidated financial statements.
FASB ASC 323 – In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of this guidance on a modified retrospective basis on January 1, 2024 did not have a material impact on the consolidated financial statements.
FASB ASC 848 – In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from LIBOR or other interbank offered rate on financial reporting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued.
In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of relief provisions within Topic 848 from December 31, 2022 to December 31, 2024. The objective of the guidance in Topic 848 is to provide relief during the transition period.
The amendments in this ASU are effective March 12, 2020 through December 31, 2024. As of March 31, 2024, substantially all of the Company’s LIBOR exposure was addressed and remaining LIBOR-based contracts are expected to transition to alternate reference rates at their next index reset dates. Old National believes the adoption of this guidance on activities subsequent to March 31, 2024 will not have a material impact on the consolidated financial statements.
10


Accounting Guidance Pending Adoption 
FASB ASC 280 – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements.
FASB ASC 740 – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Among other things, these amendments require that public business entities on an annual basis disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). In addition, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts are equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements.
NOTE 3 – ACQUISITION AND DIVESTITURE ACTIVITY
Pending Acquisition
CapStar Financial Holdings, Inc.
On October 26, 2023, Old National announced that it had entered into a definitive merger agreement to acquire CapStar Financial Holdings, Inc. (“CapStar”) and its wholly-owned subsidiary, CapStar Bank, in an all-stock transaction. On April 1, 2024, Old National completed its acquisition of CapStar. This partnership strengthens Old National’s Nashville, Tennessee presence and adds several new high-growth markets. At closing, CapStar had approximately $3.0 billion of total assets, $2.3 billion of total loans, and $2.6 billion of deposits. Under the terms of the merger agreement, each outstanding share of CapStar common stock was converted into the right to receive 1.155 shares of Old National common stock plus cash in lieu of fractional shares, resulting in consideration paid of $418 million based on Old National’s stock price of $17.41 per share at close. Old National expects systems conversions related to the transaction to be completed in the third quarter of 2024.
11


NOTE 4 – NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted-average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period.
The following table presents the calculation of basic and diluted net income per common share:
Three Months Ended
March 31,
(dollars and shares in thousands, except per share data)20242023
Net income$120,284 $146,600 
Preferred dividends(4,034)(4,034)
Net income applicable to common shares$116,250 $142,566 
Weighted average common shares outstanding:
Weighted average common shares outstanding (basic)290,980 291,088 
Effect of dilutive securities:
Restricted stock1,227 1,666 
Stock appreciation rights 2 
Weighted average diluted shares outstanding292,207 292,756 
Basic Net Income Per Common Share$0.40 $0.49 
Diluted Net Income Per Common Share$0.40 $0.49 

12


NOTE 5 – INVESTMENT SECURITIES
The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI and gross unrecognized gains and losses.
(dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Basis
Adjustments (1)
Fair
Value
March 31, 2024    
Available-for-Sale    
U.S. Treasury$291,538 $19 $(9,956)$(48,550)$233,051 
U.S. government-sponsored entities and agencies1,448,561  (184,941)(80,601)1,183,019 
Mortgage-backed securities - Agency5,223,119 1,996 (675,092) 4,550,023 
States and political subdivisions537,930 404 (24,180)950 515,104 
Pooled trust preferred securities13,800  (2,526) 11,274 
Other securities319,134 391 (20,344) 299,181 
Total available-for-sale securities$7,834,082 $2,810 $(917,039)$(128,201)$6,791,652 
Held-to-Maturity
U.S. government-sponsored entities and agencies$827,684 $ $(164,949)$ $662,735 
Mortgage-backed securities - Agency1,016,858  (159,201) 857,657 
States and political subdivisions1,156,957 864 (130,487) 1,027,334 
Allowance for securities held-to-maturity(150)   (150)
Total held-to-maturity securities$3,001,349 $864