Old National Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Old National Bancorp has submitted its Q1 2024 10-Q filing, detailing financial performance and operational data.</b>

AI Summary

OLD NATIONAL BANCORP /IN/ (ONBPP) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Old National Bancorp filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data points and segment information are included in the report. The company's fiscal year ends on December 31st. The filing was made on May 1, 2024.

Why It Matters

For investors and stakeholders tracking OLD NATIONAL BANCORP /IN/, this filing contains several important signals. This 10-Q provides investors with the latest financial performance data for Old National Bancorp, crucial for assessing the company's health and investment potential in the current quarter. Understanding the segment performance and key financial metrics within this filing is essential for tracking the bank's strategic execution and market position.

Risk Assessment

Risk Level: low — OLD NATIONAL BANCORP /IN/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures for a company of this nature.

Analyst Insight

Monitor future filings for trends in loan portfolio performance and net interest margin to assess the impact of economic conditions on Old National Bancorp.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report date)
• 2024-05-01 — Filing Date (Date the report was filed)
• 1231 — Fiscal Year End (Company's fiscal year end)
• 6021 — SIC Code (Standard Industrial Classification for National Commercial Banks)

Key Players & Entities

• OLD NATIONAL BANCORP /IN/ (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filed as of date
• NATIONAL COMMERCIAL BANKS (industry) — Standard Industrial Classification
• EVANSVILLE (location) — Business address city
• IN (location) — Business address state
• 47708 (postal_code) — Business address zip
• 8124641434 (phone_number) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially submitted to the SEC.

Filing Documents

• onb-20240331.htm (10-Q) — 4096KB
• onb_exhibit3111q24.htm (EX-31.1) — 13KB
• onb_exhibit3121q24.htm (EX-31.2) — 13KB
• onb_exhibit3211q24.htm (EX-32.1) — 8KB
• onb_exhibit3221q24.htm (EX-32.2) — 8KB
• 0000707179-24-000009.txt (&nbsp;) — 20614KB
• onb-20240331.xsd (EX-101.SCH) — 85KB
• onb-20240331_cal.xml (EX-101.CAL) — 171KB
• onb-20240331_def.xml (EX-101.DEF) — 515KB
• onb-20240331_lab.xml (EX-101.LAB) — 1054KB
• onb-20240331_pre.xml (EX-101.PRE) — 838KB
• onb-20240331_htm.xml (XML) — 5121KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (unaudited) 4 Consolidated Statements of Income (unaudited) 5 Consolidated Statements of Comprehensive Income (Loss) (unaudited) 6 Consolidated Statements of Changes in Shareholders' Equity (unaudited) 7 Consolidated Statements of Cash Flows (unaudited) 8

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 10 Note 1. Basis of Presentation 10 Note 2. Recent Accounting Pronouncements 10 Note 3. Acquisition and Divestiture Activity 11 Note 4. Net Income Per Common Share 12 Note 5. Investment Securities 13 Note 6. Loans and Allowance for Credit Losses 16 Note 7. Leases 26 Note 8. Goodwill and Other Intangible Assets 28 Note 9. Qualified Affordable Housing Projects and Other Tax Credit Investments 29 Note 10. Securities Sold Under Agreements to Repurchase 30 Note 11. Federal Home Loan Bank Advances 30 Note 12. Other Borrowings 31 Note 13. Accumulated Other Comprehensive Income (Loss) 33 Note 14. Income Taxes 34 Note 15. Derivative Financial Instruments 34 Note 16. Commitments, Contingencies, and Financial Guarantees 38 Note 17. Fair Value 38

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Forward-Looking Statements

Forward-Looking Statements 45 Financial Highlights 46 Non-GAAP Financial Measures 47 Executive Summary 49 Results of Operations 50 Financial Condition 54 Risk Management 58 Critical Accounting Estimates 64

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 64

Controls and Procedures

Item 4. Controls and Procedures 65

OTHER INFORMATION

PART II. OTHER INFORMATION 66

Risk Factors

Item 1A. Risk Factors 66

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66

Other Information

Item 5. Other Information 66

Exhibits

Item 6. Exhibits 67 SIGNATURE 68 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) Asset

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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 Measurem

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View this 10-Q filing on SEC EDGAR