Quick10K

⚲

Old National Bancorp

Financials

Price	17.31	EPS	1
Shares	174	P/E	13
MCap	3,004	P/FCF	22
Net Debt	-420	EBIT	408
TEV	2,584	TEV/EBIT	6
TTM 2019-09-30, in MM, except price, ratios

Filings

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

Reports

8-K	2020-08-10	Regulation FD, Exhibits
8-K	2020-07-30	Other Events, Exhibits
8-K	2020-07-20	Earnings, Exhibits
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

Old National Bancorp Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

onb-20200630

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, 2020


☐			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

47708

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

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 (§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 165,093,000 shares outstanding at June 30, 2020.

OLD NATIONAL BANCORP

FORM 10-Q

TABLE OF CONTENTS

Page

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets

Consolidated Statements of Income (unaudited)

Consolidated Statements of Comprehensive Income (unaudited)

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

Consolidated Statements of Cash Flows (unaudited)

Notes to Consolidated Financial Statements (unaudited)

Note 1.

Basis of Presentation

Note 2.

Recent Accounting Pronouncements

Note 3.

Net Income Per Share

Note 4.

Investment Securities

Note 5.

Loans Held for Sale

Note 6.

Loans and Allowance for Credit Losses

Note 7.

Other Real Estate Owned

Note 8.

Premises and Equipment

Note 9.

Leases

Note 10.

Goodwill and Other Intangible Assets

Note 11.

Loan Servicing Rights

Note 12.

Qualified Affordable Housing Projects and Other Tax Credit Investments

Note 13.

Securities Sold Under Agreements to Repurchase

Note 14.

Federal Home Loan Bank Advances

Note 15.

Other Borrowings

Note 16.

Accumulated Other Comprehensive Income (Loss)

Note 17.

Share-Based Compensation

Note 18.

Income Taxes

Note 19.

Derivative Financial Instruments

Note 20.

Commitments and Contingencies

Note 21.

Financial Guarantees

Note 22.

Segment Information

Note 23.

Fair Value

Note 24.

Revenue from Contracts with Customers

Item 2.

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

Financial Highlights

Non-GAAP Financial Measures

Executive Summary

Results of Operations

Financial Condition

Risk Management

Off-Balance Sheet Arrangements

Contractual Obligations

Critical Accounting Policies and Estimates

Forward-Looking Statements

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II.

OTHER INFORMATION

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 5.

Other Information

Item 6.

Exhibits

SIGNATURE

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, without par value

COVID-19: Novel coronavirus originating in Wuhan, China in December 2019

CRA: Community Reinvestment Act

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: The NASDAQ Stock Market LLC

NOW: negotiable order of withdrawal

OCC: Office of the Comptroller of the Currency

OTTI: other-than-temporary impairment

PCD: purchased with credit deterioration

PCI: purchased credit impaired

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

OLD NATIONAL BANCORP

CONSOLIDATED BALANCE SHEETS


(dollars and shares in thousands, except per share data)	June 30, 2020		December 31, 2019
	(unaudited)
Assets
Cash and due from banks	$	241,054	$	234,766
Money market and other interest-earning investments	69,440		41,571
Total cash and cash equivalents	310,494		276,337
Equity securities, at fair value	40,246		6,842
Investment securities - available-for-sale, at fair value:
U.S. Treasury	35,731		17,682
U.S. government-sponsored entities and agencies	453,501		592,984
Mortgage-backed securities	3,304,054		3,183,861
States and political subdivisions	1,355,959		1,275,643
Other securities	298,026		314,921
Total investment securities - available-for-sale	5,447,271		5,385,091
Federal Home Loan Bank/Federal Reserve Bank stock, at cost	174,103		164,099
Loans held for sale, at fair value	122,507		46,898
Loans:
Commercial	4,307,505		2,890,296
Commercial real estate	5,403,316		5,166,792
Residential real estate	2,229,298		2,334,289
Consumer credit, net of unearned income	1,675,582		1,726,147
Total loans	13,615,701		12,117,524
Allowance for loan losses (1)	(128,394)		(54,619)
Net loans	13,487,307		12,062,905
Premises and equipment, net	462,796		490,925
Operating lease right-of-use assets	80,400		95,477
Accrued interest receivable	84,387		85,123
Goodwill	1,036,994		1,036,994
Other intangible assets	52,717		60,105
Company-owned life insurance	453,116		448,967
Other assets	349,850		251,904
Total assets	$	22,102,188	$	20,411,667
Liabilities
Deposits:
Noninterest-bearing demand	$	5,217,678	$	4,042,286
Interest-bearing:
Checking and NOW	4,567,046		4,149,639
Savings	3,166,680		2,845,423
Money market	1,895,809		1,833,819
Other time deposits	1,321,499		1,589,988
Brokered certificates of deposit	150,734		92,242
Total deposits	16,319,446		14,553,397
Federal funds purchased and interbank borrowings	801		350,414
Securities sold under agreements to repurchase	367,744		327,782
Federal Home Loan Bank advances	2,035,014		1,822,847
Other borrowings	237,877		243,685
Operating lease liabilities	91,845		99,500
Accrued expenses and other liabilities	185,206		161,589
Total liabilities	19,237,933		17,559,214
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, 165,093 and 169,616 shares issued and outstanding, respectively	165,093		169,616
Capital surplus	1,871,741		1,944,445
Retained earnings	678,378		682,185
Accumulated other comprehensive income (loss), net of tax	149,043		56,207
Total shareholders' equity	2,864,255		2,852,453
Total liabilities and shareholders' equity	$	22,102,188	$	20,411,667

(1)Beginning January 1, 2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.

The accompanying notes to consolidated financial statements are an integral part of these statements.

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)	2020	2019	2020	2019
Interest Income
Loans including fees:

EX-31.1	onbexhibit3112q20.htm
EX-31.2	onbexhibit3122q20.htm
EX-32.1	onbexhibit3212q20.htm
EX-32.2	onbexhibit3222q20.htm

ONB 10Q Quarterly Report

Old National Bancorp Earnings 2020-06-30