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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 June 30, 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 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 292,893,000 shares outstanding at June 30, 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)
June 30,
2022
December 31,
2021
 (unaudited) 
Assets  
Cash and due from banks$455,620 $172,663 
Money market and other interest-earning investments342,344 649,356 
Total cash and cash equivalents797,964 822,019 
Equity securities, at fair value55,879 13,211 
Investment securities - available-for-sale, at fair value:
U.S. Treasury402,783 235,584 
U.S. government-sponsored entities and agencies1,242,557 1,542,773 
Mortgage-backed securities4,827,708 3,698,831 
States and political subdivisions720,041 1,654,986 
Other securities374,612 249,892 
Total investment securities - available-for-sale7,567,701 7,382,066 
Investment securities - held-to-maturity, at amortized cost (fair value
   $2,779,290 and $0, respectively)
3,084,186  
Federal Home Loan Bank/Federal Reserve Bank stock, at cost288,884 169,375 
Loans held for sale, at fair value26,217 35,458 
Loans:
Commercial8,923,983 3,391,769 
Commercial real estate11,796,503 6,380,674 
Residential real estate6,079,057 2,255,289 
Consumer credit, net of unearned income2,754,105 1,574,114 
Total loans29,553,648 13,601,846 
Allowance for credit losses(288,003)(107,341)
Net loans29,265,645 13,494,505 
Premises and equipment, net586,031 476,186 
Operating lease right-of-use assets192,196 69,560 
Accrued interest receivable157,079 84,109 
Goodwill1,991,534 1,036,994 
Other intangible assets140,281 34,678 
Company-owned life insurance769,595 463,324 
Other assets825,163 372,079 
Total assets$45,748,355 $24,453,564 
Liabilities
Deposits:
Noninterest-bearing demand$12,388,379 $6,303,106 
Interest-bearing:
Checking and NOW8,473,510 5,338,022 
Savings6,796,152 3,798,494 
Money market5,373,318 2,169,160 
Time deposits2,507,616 960,413 
Total deposits35,538,975 18,569,195 
Federal funds purchased and interbank borrowings1,561 276 
Securities sold under agreements to repurchase476,173 392,275 
Federal Home Loan Bank advances3,283,963 1,886,019 
Other borrowings622,714 296,670 
Operating lease liabilities215,188 76,236 
Accrued expenses and other liabilities530,998 220,875 
Total liabilities40,669,572 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,
   292,893 and 165,838 shares issued and outstanding, respectively
292,893 165,838 
Capital surplus4,157,543 1,880,545 
Retained earnings966,980 968,010 
Accumulated other comprehensive income (loss), net of tax(569,133)(2,375)
Total shareholders' equity5,078,783 3,012,018 
Total liabilities and shareholders' equity$45,748,355 $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 (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars and shares in thousands, except per share data)
2022202120222021
Interest Income    
Loans including fees:    
Taxable$285,249 $123,577 $469,264 $246,106 
Nontaxable4,802 3,171 8,309 6,528 
Investment securities:
Taxable51,459 24,401 88,868 48,532 
Nontaxable11,018 9,261 21,284 18,393 
Money market and other interest-earning investments1,830 48 2,138 136 
Total interest income354,358 160,458 589,863 319,695 
Interest Expense
Deposits5,187 2,732 8,381 5,891 
Federal funds purchased and interbank borrowings2  2  
Securities sold under agreements to repurchase85 95 181 215 
Federal Home Loan Bank advances6,925 5,218 12,888 10,627 
Other borrowings4,687 2,486 8,154 4,915 
Total interest expense16,886 10,531 29,606 21,648 
Net interest income337,472 149,927 560,257 298,047 
Provision for credit losses9,245 (4,929)106,814 (22,285)
Net interest income after provision for credit losses328,227 154,856 453,443 320,332 
Noninterest Income
Wealth management fees19,304 10,734 33,934 20,442 
Service charges on deposit accounts21,144 8,514 35,870 16,638 
Debit card and ATM fees10,402 5,583 17,301 10,726 
Mortgage banking revenue6,522 7,827 13,767 24,352 
Investment product fees8,568 6,042 15,890 11,906 
Capital markets income7,261 5,871 11,703 9,586 
Company-owned life insurance4,571 2,783 8,095 5,497 
Debt securities gains (losses), net(85)692 257 2,685 
Other income11,430 3,462 17,540 6,388 
Total noninterest income89,117 51,508 154,357 108,220 
Noninterest Expense
Salaries and employee benefits161,817 72,640 285,964 140,757 
Occupancy26,496 14,054 47,515 28,926 
Equipment7,550 4,506 12,718 8,475 
Marketing9,119 2,632 13,395 4,694 
Data processing25,883 11,697 44,645 24,050 
Communication5,878 2,411 9,295 5,289 
Professional fees6,336 8,528 26,127 11,252 
FDIC assessment4,699 1,226 7,274 2,833 
Amortization of intangibles7,170 2,909 11,981 5,984 
Amortization of tax credit investments1,525 1,813 3,041 3,015 
Other expense20,922 7,202 42,196 12,083 
Total noninterest expense277,395 129,618 504,151 247,358 
Income before income taxes139,949 76,746 103,649 181,194 
Income tax expense24,964 13,960 16,250 31,590 
Net income114,985 62,786 87,399 149,604 
Preferred dividends(4,033) (6,050) 
Net income applicable to common shareholders$110,952 $62,786 $81,349 $149,604 
Net income per common share - basic$0.38 $0.38 $0.31 $0.91 
Net income per common share - diluted0.38 0.38 0.31 0.90 
Weighted average number of common shares outstanding - basic290,862 165,175 259,108 165,086 
Weighted average number of common shares outstanding - diluted291,881 165,934 260,253 165,821 
Dividends per common share$0.14 $0.14 $0.28 $0.28 
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
June 30,
Six Months Ended
June 30,
(dollars in thousands)2022202120222021
Net income$114,985 $62,786 $87,399 $149,604 
Other comprehensive income (loss):
Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period(304,514)(35,818)(733,984)(109,332)
Reclassification for securities transferred to held-to-maturity143,310  165,473  
Reclassification adjustment for securities (gains) losses
   realized in income
85 (692)(257)(2,685)
Income tax effect38,408 9,110 134,643 25,777 
Unrealized gains (losses) on available-for-sale securities(122,711)(27,400)(434,125)(86,240)
Change in securities held-to-maturity:
Adjustment for securities transferred from available-for-sale(143,310) (165,473)