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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 September 30, 2023
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)
| | | | | | | | | | | |
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 |
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | | ONBPP | | The | NASDAQ | Stock Market LLC |
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | | ONBPO | | 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 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 292,621,000 shares outstanding at October 31, 2023.
OLD NATIONAL BANCORP
FORM 10-Q
TABLE OF CONTENTS | | | | | | | | | | | |
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PART I. | | |
Item 1. | | |
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Item 2. | | |
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Item 3. | | |
Item 4. | | |
PART II. | | |
Item 1A. | | |
Item 2. | | |
Item 5. | | |
Item 6. | | |
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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 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)
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
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
N/M: not meaningful
NASDAQ: The NASDAQ Stock Market LLC
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
TDR: troubled debt restructuring
UMB: UMB Bank, n.a.
OLD NATIONAL BANCORP
CONSOLIDATED BALANCE SHEETS | | | | | | | | | | | |
(dollars and shares in thousands, except per share data) | September 30, 2023 | | December 31, 2022 |
| (unaudited) | | |
Assets | | | |
Cash and due from banks | $ | 381,343 | | | $ | 453,432 | |
Money market and other interest-earning investments | 1,282,087 | | | 274,980 | |
Total cash and cash equivalents | 1,663,430 | | | 728,412 | |
Equity securities, at fair value | 69,880 | | | 52,507 | |
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| | | |
| | | |
| | | |
Investment securities - available-for-sale, at fair value (amortized cost $7,719,944 and $7,772,603, respectively) | 6,414,761 | | | 6,773,712 | |
Investment securities - held-to-maturity, at amortized cost (fair value $2,393,621 and $2,643,682, respectively) | 3,027,914 | | | 3,089,147 | |
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 365,588 | | | 314,168 | |
Loans held-for-sale, at fair value | 122,033 | | | 11,926 | |
Loans: | | | |
Commercial | 9,333,448 | | | 9,508,904 | |
Commercial real estate | 13,916,221 | | | 12,457,070 | |
Residential real estate | 6,696,288 | | | 6,460,441 | |
Consumer credit, net of unearned income | 2,631,877 | | | 2,697,226 | |
Total loans | 32,577,834 | | | 31,123,641 | |
Allowance for credit losses on loans | (303,982) | | | (303,671) | |
Net loans | 32,273,852 | | | 30,819,970 | |
Premises and equipment, net | 565,607 | | | 557,307 | |
Operating lease right-of-use assets | 179,284 | | | 189,714 | |
Accrued interest receivable | 209,503 | | | 190,521 | |
Goodwill | 1,998,716 | | | 1,998,716 | |
Other intangible assets | 108,119 | | | 126,405 | |
Company-owned life insurance | 774,517 | | | 768,552 | |
Other assets | 1,286,244 | | | 1,142,315 | |
Total assets | $ | 49,059,448 | | | $ | 46,763,372 | |
Liabilities | | | |
Deposits: | | | |
Noninterest-bearing demand | $ | 10,091,352 | | | $ | 11,930,798 | |
Interest-bearing: | | | |
Checking and NOW | 7,495,417 | | | 8,340,955 | |
Savings | 5,296,985 | | | 6,326,158 | |
Money market | 8,793,218 | | | 5,389,139 | |
Time deposits | 5,575,704 | | | 3,013,780 | |
Total deposits | 37,252,676 | | | 35,000,830 | |
Federal funds purchased and interbank borrowings | 918 | | | 581,489 | |
Securities sold under agreements to repurchase | 279,061 | | | 432,804 | |
Federal Home Loan Bank advances | 4,412,576 | | | 3,829,018 | |
Other borrowings | 863,455 | | | 743,003 | |
Operating lease liabilities | 199,937 | | | 211,964 | |
Accrued expenses and other liabilities | 811,288 | | | 835,669 | |
Total liabilities | 43,819,911 | | | 41,634,777 | |
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, 292,586 and 292,903 shares issued and outstanding, respectively | 292,586 | | | 292,903 | |
Capital surplus | 4,153,977 | | | 4,174,265 | |
Retained earnings | 1,531,289 | | | 1,217,349 | |
Accumulated other comprehensive income (loss), net of tax | (968,815) | | | (786,422) | |
Total shareholders’ equity | 5,239,537 | | | 5,128,595 | |
Total liabilities and shareholders’ equity | $ | 49,059,448 | | | $ | 46,763,372 | |
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 September 30, | | Nine Months Ended September 30, |
(dollars and shares in thousands, except per share data) | 2023 | | 2022 | | 2023 | | 2022 |
Interest Income | | | | | | | |
Loans including fees: | | | | | | | |
Taxable | $ | 474,387 | | | $ | 331,271 | | | $ | 1,334,658 | | | $ | 800,535 | |
Nontaxable | 11,181 | | | 6,461 | | | 32,318 | | | 14,770 | |
Investment securities: | | | | | | | |
Taxable | 66,924 | | | 56,765 | | | 191,797 | | | 145,633 | |
Nontaxable | 10,833 | | | 11,086 | | | 33,039 | | | 32,370 | |
Money market and other interest-earning investments | 13,194 | | | 935 | | | 25,258 | | | 3,073 | |
Total interest income | 576,519 | | | 406,518 | | | 1,617,070 | | | 996,381 | |
Interest Expense | | | | | | | |
Deposits | 147,428 | | | 10,820 | | | 310,995 | | | 19,201 | |
Federal funds purchased and interbank borrowings | 910 | | | 720 | | | 11,404 | | | 722 | |
Securities sold under agreements to repurchase | 710 | | | 106 | | | 2,389 | | | 287 | |
Federal Home Loan Bank advances | 40,382 | | | 13,027 | | | 123,466 | | | 25,915 | |
Other borrowings | 12,003 | | | 5,256 | | | 30,071 | | | 13,410 | |
Total interest expense | 201,433 | | | 29,929 | | | 478,325 | | | 59,535 | |
Net interest income | 375,086 | | | 376,589 | | | 1,138,745 | | | 936,846 | |
Provision for credit losses | 19,068 | | | 15,490 | | | 47,292 | | | 133,391 | |
Net interest income after provision for credit losses | 356,018 | | | 361,099 | | | 1,091,453 | | | 803,455 | |
Noninterest Income | | | | | | | |
Wealth and investment services fees | 26,687 | | | 25,359 | | | 80,128 | | | 75,183 | |
Service charges on deposit accounts | 18,524 | | | 20,042 | | | 53,278 | | | 54,392 | |
Debit card and ATM fees | 10,818 | | | 10,608 | | | 31,453 | | | 29,429 | |
Mortgage banking revenue | 5,063 | | | 5,360 | | | 12,628 | | | 19,127 | |
| | | | | | | |
Capital markets income | 5,891 | | | 8,906 | | | 19,003 | | | 20,609 | |
Company-owned life insurance | 3,740 | | | 3,361 | | | 11,624 | | | 11,456 | |
Debt securities gains (losses), net | (241) | | | (172) | | | (5,440) | | | 85 | |
Other income | 10,456 | | | 6,921 | | | 30,574 | | | 24,461 | |
Total noninterest income | 80,938 | | | 80,385 | | | 233,248 | | | 234,742 | |
Noninterest Expense | | | | | | | |
Salaries and employee benefits | 131,541 | | | 147,203 | | | 404,715 | | | 433,167 | |
Occupancy | 25,795 | | | 26,418 | | | 80,162 | | | 73,933 | |
Equipment | 8,284 | | | 7,328 | | | 23,394 | | | 20,046 | |
Marketing | 9,448 | | | 10,361 | | | 28,698 | | | 23,756 | |
Technology | 20,592 | | | 20,269 | | | 59,850 | | | 64,914 | |
Communication | 4,075 | | | 5,392 | | | 12,768 | | | 14,687 | |
Professional fees | 5,956 | | | 6,559 | | | 19,085 | | | 32,686 | |
FDIC assessment | 9,000 | | | 6,249 | | | 29,028 | | | 13,523 | |
Amortization of intangibles | 6,040 | | | 7,089 | | | 18,286 | | | 19,070 | |
Amortization of tax credit investments | 2,644 | | | 2,662 | | | 8,167 | | | 5,703 | |
Property optimization | — | | | — | | | 1,559 | | | — | |
Other expense | 21,401 | | | 22,914 | | | 56,359 | | | 54,023 | |
Total noninterest expense | 244,776 | | | 262,444 | | | 742,071 | | | 755,508 | |
Income before income taxes | 192,180 | | | 179,040 | | | 582,630 | | | 282,689 | |
Income tax expense | 44,304 | | | 38,887 | | | 133,118 | | | 55,137 | |
Net income | 147,876 | | | 140,153 | | | 449,512 | | | 227,552 | |
Preferred dividends | (4,034) | | | (4,034) | | | (12,101) | | | (10,084) | |
Net income applicable to common shareholders | $ | 143,842 | | | $ | 136,119 | | | $ | 437,411 | | | $ | 217,468 | |
Net income per common share - basic | $ | 0.49 | | | $ | 0.47 | | | $ | 1.50 | | | $ | 0.81 | |
Net income per common share - diluted | 0.49 | | | 0.47 | | | 1.50 | | | 0.80 | |
Weighted average number of common shares outstanding - basic | 290,648 | | | 290,961 | | | 290,763 | | | 269,843 | |
Weighted average number of common shares outstanding - diluted | 291,717 | | | 292,483 | | | 291,809 | | | 271,123 | |
Dividends per common share | $ | 0.14 | | | $ | 0.14 | | | $ | 0.42 | | | $ | 0.42 | |
The accompanying notes to consolidated financial statements are an integral part of these statements.
OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | Nine Months Ended September 30, |
(dollars in thousands) | 2023 | | 2022 | 2023 | | 2022 |
Net income | $ | 147,876 | | | $ | 140,153 | | $ | 449,512 | | | $ | 227,552 | |
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Other comprehensive income (loss): | | | | | | |
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Change in debt securities available-for-sale: | | | | | | |
Unrealized holding gains (losses) for the period | (208,626) | | | (285,798) | | (304,061) | | | (1,019,782) | |
Reclassification for securities transferred to held-to-maturity | — | | | — | | — | | | 165,473 | |
Reclassification adjustment for securities (gains) losses realized in income | 241 | | | 172 | | 5,440 | | | (85) | |
Income tax effect | 51,903 | | | 68,356 | | 83,092 | | | 202,999 | |
Unrealized gains (losses) on available-for-sale securities | (156,482) | | | (217,270) | | (215,529) | | | (651,395) | |
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Change in securities held-to-maturity: | | | | | | |
Adjustment for securities transferred from available-for-sale | — | | | — | | — | | | (165,473) | |
Amortization of unrealized losses on securities transferred from available-for-sale | 5,623 | | | 6,772 | | 16,574 | | | 10,774 | |
Income tax effect | (1,430) | | | (1,651) | | (2,861) | | | 37,621 | |
Changes from securities held-to-maturity | 4,193 | | | 5,121 | | 13,713 | | | (117,078) | |
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Change in hedges: | | | | | | |
Net unrealized derivative gains (losses) on hedges | (15,574) | | | (36,755) | | 45,547 | | | (49,679) | |
Reclassification adjustment for (gains) losses realized in net income | 4,927 | | | 749 | | (19,893) | | | (139) | |
Income tax effect | 2,754 | | | 8,846 | | (6,094) | | | 12,240 | |
Changes from hedges | (7,893) | | | (27,160) | | 19,560 | | | (37,578) | |
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Change in defined benefit pension plans: | | | | | | |
Amortization of net (gains) losses recognized in income | — | | | (11) | | (182) | | | (32) | |
Income tax effect | — | | | 3 | | 45 | | | 8 | |
Changes from defined benefit pension plans | — | | | (8) | | (137) | | | (24) | |
Other comprehensive income (loss), net of tax | (160,182) | | | (239,317) | | (182,393) | | | (806,075) | |
Comprehensive income (loss) | $ | (12,306) | | | $ | (99,164) | | $ | 267,119 | | | $ | (578,523) | |
The accompanying notes to consolidated financial statements are an integral part of these statements.
OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(dollars in thousands, except per share data) | Preferred Stock | | Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Shareholders’ Equity |
Balance, December 31, 2021 | $ | — | | | $ | 165,838 | | | $ | 1,880,545 | | | $ | 968,010 | | | $ | (2,375) | | | $ | 3,012,018 | |
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Net income (loss) | — | | | — | | | — | | | (27,586) | | | — | | | (27,586) | |
Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (335,824) | | | (335,824) | |
First Midwest Bancorp, Inc. merger: | | | | | | | | | | | |
Issuance of common stock | — | | | 129,365 | | | 2,316,947 | | | — | | | — | | | 2,446,312 | |
Issuance of preferred stock, net of issuance costs | 230,500 | | | — | | | 13,219 | | | — | | | — | | | 243,719 | |
Cash dividends: | | | | | | | | | | | |
Common ($0.14 per share) | — | | | — | | | — | | | (40,782) | | | — | | | (40,782) | |
Preferred dividends | — | | | — | | | — | | | (2,017) | | | — | | | (2,017) | |
Common stock issued | — | | | 10 | | | 155 | | | — | | | — | | | 165 | |
Common stock repurchased | — | | | (3,890) | | | (66,188) | | | — | | | — | | | (70,078) | |
Share-based compensation expense | — | | | — | | | 6,284 | | | — | | | — | | | 6,284 | |
Stock activity under incentive compensation plans | — | | | 1,636 | | | (1,368) | | | (365) | | | — | | | (97) | |
Balance, March 31, 2022 | 230,500 | | | 292,959 | | | 4,149,594 | | | 897,260 | | | (338,199) | | | 5,232,114 | |
Net income | — | | | — | | | — | | | 114,985 | | | — | | | 114,985 | |
Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (230,934) | | | (230,934) | |
Cash dividends: | | | | | | | | | | | |
Common ($0.14 per share) | — | | | — | | | — | | | (40,901) | | | — | | | (40,901) | |
Preferred dividends | — | | | — | | | — | | | (4,033) | | | — | | | (4,033) | |
Common stock issued | — | | | 10 | | | 152 | | | — | | | — | | | 162 | |
Common stock repurchased | — | | | (21) | | | (301) | | | — | | | — | | | (322) | |
Share-based compensation expense | — | | | — | | | 7,813 | | | — | | | — | | | 7,813 | |
Stock activity under incentive compensation plans | — | | | (55) | | | 285 | | | (331) | | | — | | | (101) | |
Balance, June 30, 2022 | 230,500 | | | 292,893 | | | 4,157,543 | | | 966,980 | | | (569,133) | | | 5,078,783 | |
Net income | — | | | — | | | — | | | 140,153 | | | — | | | 140,153 | |
Other comprehensive income (loss) | — | | | — | | | — | | | — | | | (239,317) | | | (239,317) | |
Cash dividends: | | | | | | | | | | | |
Common ($0.14 per share) | — | | | — | | | — | | | (40,907) | | | — | | | (40,907) | |
Preferred dividends | — | | | — | | | — | | | (4,034) | | | — | | | (4,034) | |
Common stock issued | — | | | 17 | | | 213 | | | — | | | — | | | 230 | |
Common stock repurchased | — | | | (34) | | | (497) | | | — | | | — | | | (531) | |
Share-based compensation expense | — | | | — | | | 7,485 | | | — | | | — | | | 7,485 | |
Stock activity under incentive compensation plans | — | | | 4 | | | 1,839 | | | (322) | | | — | | | 1,521 | |
Balance, September 30, 2022 | $ | 230,500 | | | $ | 292,880 | | | $ | 4,166,583 | | | $ | 1,061,870 | | | $ | (808,450) | | | $ | 4,943,383 | |
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OLD NATIONAL BANCORP |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) – (Continued) |
(dollars in thousands, except per share data) | Preferred Stock | | Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated 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 | |
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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 dividends | — | | | — | | | — | | | (4,034) | | | — | | | (4,034) | |
Common stock issued | — | | | 15 | | | |