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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)
 
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 292,621,000 shares outstanding at October 31, 2023.



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 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.


3


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 investments1,282,087 274,980 
Total cash and cash equivalents1,663,430 728,412 
Equity securities, at fair value69,880 52,507 
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 cost365,588 314,168 
Loans held-for-sale, at fair value122,033 11,926 
Loans:
Commercial9,333,448 9,508,904 
Commercial real estate13,916,221 12,457,070 
Residential real estate6,696,288 6,460,441 
Consumer credit, net of unearned income2,631,877 2,697,226 
Total loans32,577,834 31,123,641 
Allowance for credit losses on loans(303,982)(303,671)
Net loans32,273,852 30,819,970 
Premises and equipment, net565,607 557,307 
Operating lease right-of-use assets179,284 189,714 
Accrued interest receivable209,503 190,521 
Goodwill1,998,716 1,998,716 
Other intangible assets108,119 126,405 
Company-owned life insurance774,517 768,552 
Other assets1,286,244 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 NOW7,495,417 8,340,955 
Savings5,296,985 6,326,158 
Money market8,793,218 5,389,139 
Time deposits5,575,704 3,013,780 
Total deposits37,252,676 35,000,830 
Federal funds purchased and interbank borrowings918 581,489 
Securities sold under agreements to repurchase279,061 432,804 
Federal Home Loan Bank advances4,412,576 3,829,018 
Other borrowings863,455 743,003 
Operating lease liabilities199,937 211,964 
Accrued expenses and other liabilities811,288 835,669 
Total liabilities43,819,911 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 surplus4,153,977 4,174,265 
Retained earnings1,531,289 1,217,349 
Accumulated other comprehensive income (loss), net of tax(968,815)(786,422)
Total shareholders’ equity5,239,537 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.
4


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)
2023202220232022
Interest Income    
Loans including fees:    
Taxable$474,387 $331,271 $1,334,658 $800,535 
Nontaxable11,181 6,461 32,318 14,770 
Investment securities:
Taxable66,924 56,765 191,797 145,633 
Nontaxable10,833 11,086 33,039 32,370 
Money market and other interest-earning investments13,194 935 25,258 3,073 
Total interest income576,519 406,518 1,617,070 996,381 
Interest Expense
Deposits147,428 10,820 310,995 19,201 
Federal funds purchased and interbank borrowings910 720 11,404 722 
Securities sold under agreements to repurchase710 106 2,389 287 
Federal Home Loan Bank advances40,382 13,027 123,466 25,915 
Other borrowings12,003 5,256 30,071 13,410 
Total interest expense201,433 29,929 478,325 59,535 
Net interest income375,086 376,589 1,138,745 936,846 
Provision for credit losses19,068 15,490 47,292 133,391 
Net interest income after provision for credit losses356,018 361,099 1,091,453 803,455 
Noninterest Income
Wealth and investment services fees26,687 25,359 80,128 75,183 
Service charges on deposit accounts18,524 20,042 53,278 54,392 
Debit card and ATM fees10,818 10,608 31,453 29,429 
Mortgage banking revenue5,063 5,360 12,628 19,127 
Capital markets income5,891 8,906 19,003 20,609 
Company-owned life insurance3,740 3,361 11,624 11,456 
Debt securities gains (losses), net(241)(172)(5,440)85 
Other income10,456 6,921 30,574 24,461 
Total noninterest income80,938 80,385 233,248 234,742 
Noninterest Expense
Salaries and employee benefits131,541 147,203 404,715 433,167 
Occupancy25,795 26,418 80,162 73,933 
Equipment8,284 7,328 23,394 20,046 
Marketing9,448 10,361 28,698 23,756 
Technology20,592 20,269 59,850 64,914 
Communication4,075 5,392 12,768 14,687 
Professional fees5,956 6,559 19,085 32,686 
FDIC assessment9,000 6,249 29,028 13,523 
Amortization of intangibles6,040 7,089 18,286 19,070 
Amortization of tax credit investments2,644 2,662 8,167 5,703 
Property optimization  1,559  
Other expense21,401 22,914 56,359 54,023 
Total noninterest expense244,776 262,444 742,071 755,508 
Income before income taxes192,180 179,040 582,630 282,689 
Income tax expense44,304 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 - diluted0.49 0.47 1.50 0.80 
Weighted average number of common shares outstanding - basic290,648 290,961 290,763 269,843 
Weighted average number of common shares outstanding - diluted291,717 292,483 291,809 271,123 
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.
5


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in thousands)2023202220232022
Net income$147,876 $140,153 $449,512 $227,552 
Other comprehensive income (loss):
Change in debt securities available-for-sale:
Unrealized holding gains (losses) for the period(208,626)(285,798)(304,061)(1,019,782)
Reclassification for securities transferred to held-to-maturity   165,473 
Reclassification adjustment for securities (gains) losses
   realized in income
241 172 5,440 (85)
Income tax effect51,903 68,356 83,092 202,999 
Unrealized gains (losses) on available-for-sale securities(156,482)(217,270)(215,529)(651,395)
Change in securities held-to-maturity:
Adjustment for securities transferred from available-for-sale   (165,473)
Amortization of unrealized losses on securities transferred
    from available-for-sale
5,623 6,772 16,574 10,774 
Income tax effect(1,430)(1,651)(2,861)37,621 
Changes from securities held-to-maturity4,193 5,121 13,713 (117,078)
Change in hedges:
Net unrealized derivative gains (losses) on hedges(15,574)(36,755)45,547 (49,679)
Reclassification adjustment for (gains) losses realized in net
   income
4,927 749 (19,893)(139)
Income tax effect2,754 8,846 (6,094)12,240 
Changes from hedges(7,893)(27,160)19,560 (37,578)
Change in defined benefit pension plans:
Amortization of net (gains) losses recognized in income (11)(182)(32)
Income tax effect 3 45 8 
Changes from defined benefit pension plans (8)(137)(24)
Other comprehensive income (loss), net of tax(160,182)(239,317)(182,393)(806,075)
Comprehensive income (loss)$(12,306)$(99,164)$267,119 $(578,523)
The accompanying notes to consolidated financial statements are an integral part of these statements.
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, 2021$ $165,838 $1,880,545 $968,010 $(2,375)$3,012,018 
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, 2022230,500 292,959 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, 2022230,500 292,893 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 
7


OLD NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) – (Continued)
(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 dividends   (4,034) (4,034)
Common stock issued 15